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Fibonacci Retracements Analysis 15.07.2021 (Brent, Dow)

Brent

In the H4 chart, divergence on MACD made the asset complete its long-term uptrend and start a new decline, which has already reached 38.2% and may later continue towards 50.0%, 61.8%, and 76.0% fibo at 70.99, 69.44, and 67.61 respectively. The key downside target is the fractal support at 64.50, a breakout of which may lead to a reversal of the long-term tendency. the resistance is the high at 77.47. If Brent breaks this level, the instrument may continue moving upwards to reach the long-term high at 87.09.

Fibonacci Retracements Analysis 15.07.2021 BRENT_H4
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 first descending impulse has reached 61.8% and may be followed by a local correction there. The next descending movement will be heading to break 76.0% fibo and the low at 72.80 and 71.73 respectively and then move towards the mid-term 50.0% fibo at 70.99.

Fibonacci Retracements Analysis 15.07.2021 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, the asset is trying to break the high 35102.0 and may succeed but only after a pullback. If the price finally breaks the high, the instrument may reach the post-correctional extension area between 138.2% and 161.8% fibo at 35890.0 and 36378.0 respectively. On the other hand, a rebound from the high may result in a new descending wave within the mid-term correction. The first downside target may be the support at 33035.0, a breakout of which may lead to a further downtrend towards 23.6% and 38.2% fibo at 32968.5 and 31651.0 respectively.

Fibonacci Retracements Analysis 15.07.2021 DOWJONES_H1
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 potential correction, after the previous rising wave, divergence, and a test of the high. The first downside target is 23.6% fibo at 34589.0, a breakout of which will lead to a further downtrend towards 38.2% and 50.0% fibo at 34292.5 and 34053.4 respectively. The local resistance is at 35069.0.

Fibonacci Retracements Analysis 15.07.2021 US30CASH_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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