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




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