As we can see in the H4 chart, Brent has stopped moving upwards after divergence on MACD. In this case, the asset may start a new decline break the low at 65.89 and then continue falling towards long-term 38.2% fibo at 59.53. The key resistance is the high at 86.63.
The H1 chart shows that divergence on MACD made the asset resume falling after testing 76.0% fibo at 81.65. The downside targets are 23.6%, 38.2%, 50.0%, 61.8%, and 76.0% fibo at 77.90, 75.61, 73.76, 71.91, and 69.67 respectively. The resistance is at 81.62.
As we can see in the H4 chart, divergence on MACD made the asset start a steady descending impulse after updating the high. If the index breaks the current high at 36971.0 it may continue trading upwards to reach the post-correctional extension area between 138.2% and 161.8% fibo at 37562.0 and 38177.0 respectively. However, if the market falls and breaks the support at 33962.0, the instrument will start a long-term bearish phase.
The H1 chart shows downside correctional targets after divergence on MACD – 38.2%, 50.0%, 61.8%, and 76.0% fibo at 36096.0, 35827.0, 35557.0, and 35235.0 respectively, as well as the low at 34683.0.