A short-term growth is possible.

On the 4-hour chart, the price is trading in the area of 48.10 which is seen as a particularly strong level as 23.6% Fibonacci both for the short-term and medium-term trends have concentrated in the area of 48.10-47.80. After the consolidation above this level, the price may grow to 49.14 (38.2% correction, the crossover with the 50.0% arc) and 49.97 (50.0% correction). If the price consolidates below 48.20, it is likely to continue declining to 46.40.

On the daily chart, the price is testing the level of 47.80 (23.6% correction) at the crossover with the 61.8% arc. The breakdown of this level may lead to a strong decline towards 42.35 (August lows). If the price rebounds from the level of 47.80, an upward movement is likely to continue to 51.10 (38.2% correction).

Trading tips

At present, it is recommended to open short-term long positions from the level of 48.35 with the target at 49.15 and stop-loss at 48.00.

Alternative scenario

Short positions would become valid after the consolidation below the level of 47.80 with the target at 46.40 and stop-loss at 48.10.

Brent: Fibonacci analysis

Brent: Fibonacci analysis




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