Brent: Fibonacci analysis

November 6, 2015

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.

Publication source
LiteForex information  LiteForex reviews

December 9, 2016
Euro slips as ECB extends QE by 9-months
The single currency was weaker after the European Central Bank decided yesterday that it would continue with its bond purchases program. The ECB extended its QE plans from March 2017 to the end of the year...
December 9, 2016
The global stock market rally
The global stock market rally, which was underpinned by further ECB stimulus measures yesterday and a rise in oil prices, continued in Asia overnight, with most markets moving higher...
December 9, 2016
Markets throw caution to the wind
Markets have thrown caution to the wind when it comes to movements as of late as once again US equities set the scene with another stellar rise, though not as big as yesterdays...

XM Rating
FOREX.com Rating
FBS Rating
Fort Financial Services Rating
Vantage FX Rating
Orbex Rating

Beeoptions Rating
OptionsXO Rating
Anyoption Rating
Empire Option Rating
Banc De Binary Rating
365BinaryOption Rating