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Fibonacci Retracements Analysis 20.05.2021 (Brent, Dow)

Brent

The daily chart shows a rebound from the high at 71.07 and 76.0% fibo. Possibly, the asset is currently forming a new descending correction towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 58.00, 49.94, 43.46, and 36.93 respectively. However, a breakout of the high may lead to a further uptrend to reach the fractal high at 87.09.

Fibonacci Retracements Analysis 20.05.2021 BRENT_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the H4 chart, a local divergence on MACD made the asset start a new correctional decline, which has already reached 50.0% fibo and may later continue towards 61.8% and 76.0% fibo at 64.09 and 62.75 respectively. the key downside target is the local low and the support at 60.46, a breakout of which may lead to a further mid-term downtrend.

Fibonacci Retracements Analysis 20.05.2021 BRENT_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Dow Jones

As we can see in the H4 chart, Dow Jones is trading inside the post-correctional extension area between 138.2% and 161.8% fibo at 33941.0 and 36620.0 respectively. However, the asset is currently correcting downwards after a divergence on MACD. The key resistance is the high at 35102.0. The current situation may hint at a possible downtrend towards 23.6%, 38.2%, and 50.0% fibo at 32970.0, 31651.0, and 30587.0 respectively.

Fibonacci Retracements Analysis 20.05.2021 DOWJONES_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, a local divergence on MACD made the asset complete the rising wave and start a new correctional decline, which has already reached 76.0% fibo. After a short-term pullback, the index may continue falling towards the local support at 33295.0, a breakout of which will lead to a further downtrend to reach the post-correctional extension area between 138.2% and 161.8% fibo at 32840.0 and 32552.0 respectively. The local resistance is at 34497.0.

Fibonacci Retracements Analysis 20.05.2021 US30CASH
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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