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Fibonacci Retracements Analysis 01.07.2021 (Brent, Dow)

Brent

In the daily chart, after breaking the long-term 76.0% fibo and then reaching 75.70, Brent continues growing towards the long-term high at 87.09. However, a divergence on MACD may indicate a possible pullback or even a reversal.

Fibonacci Retracements Analysis 01.07.2021 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 H1 chart, the asset is correcting after finishing the previous ascending impulse. A divergence in making the pair fall towards 23.6%, 38.2%, and 50.0% fibo at 73.06, 71.42, and 70.09 respectively. On the other hand, a breakout of the resistance at 75.70 may result in a further uptrend.

Fibonacci Retracements Analysis 01.07.2021 BRENT_H1
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, after completing two correctional waves to the downside at 23.6% fibo (32968.5), the Dow Jones index is moving upwards to break the high at 35102.0 and may later continue the uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 35890.0 and 36378.0 respectively. The support is the low at 33035.0.

Fibonacci Retracements Analysis 01.07.2021 DOWJONES_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a more detailed structure of the current uptrend, which, after breaking 61.8% fibo, has reached 76.0% fibo. The closest upside target is the high at 35102.0.

Fibonacci Retracements Analysis 01.07.2021 DOWJONES_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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