Growth is likely to continue.

On the 4-hour chart, the price broke out 23.6% Fibonacci correction for a short-term trend at 58.50, which allows it to grow towards 59.90 (crossover between 38.2% Fibonacci and 23.6% Fibonacci arc). Should the price break out this level, the next aim is going to be 62.20 (61.8% Fibonacci crossover with 38.2% arc). Note that areas 59.60-59.90 and 62.20-62.70 are important resistance levels as both short-term and medium-term corrections stand here. On the daily chart, the price is growing along 50% arc for the medium-term trend. The price is moving towards 59.60 and 62.70.

Trading tips

Open long positions from the current levels with targets at 59.90, 62.20, and stop-loss at 57.50.

Alternative scenario

Open short positions after the breakdown of the level of 57.30 with targets at 56.25, 55.00, and stop-loss at 58.30. 

Brent: Fibonacci analysis

Brent: Fibonacci analysis

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

Follow us in social networks!
Live Chat
Leave feedback