On 1-Mar-21, the earlier analysis was:
1) It is foreseen the need for Brent to establish a higher low base within the 20-month EMA line before the uptrend can resume and seek to test upper resistances.
2) If Brent breaches below than USD63.75 – USD62.78 (Support Zone), which the latter coincides with 20-day-EMA, Brent may lay down the foundation for a new downtrend and this will cap off the potential further bullish movement.
As of 4-Mar-21, a new higher low base structure has been established after the downward price rebounded off 20-day-EMA which acted as a strong support that curtailed the Brent from going lower.
The 20-day-EMA had double coincidences which USD62.67 as Resistance Become Support (RBS) and 38.2% Fibonacci golden ratio retracement, calculated from the lowest trough on 1-Feb-21 and highest peak on 25-Feb-21.
Brent is now struggling to violate above USD64.50 – USD65 (Support Zone). Several attempts to break out above this zone have been met with reversal. If Brent able to violate, the bullish reversal is confirmed, thus it is assumed that temporary correction has come to its end.
Therefore, the firmer projections are developed based on the revised Fibonacci retracement with some reiterations of the earlier bullish bias, in view of a new higher low base structure has been formed:
1) USD65.72 (23.6%)
2) USD67 - USD67.68 (38.2%)
3) USD70.84 (61.8%). USD70 as key psychological level & 100% FE of 1-month view chart
4) USD75.90 (100%)
5) USD84.08 (162%)
1) It is foreseen the need for Brent to establish a higher low base within the 20-month EMA line before the uptrend can resume and seek to test upper resistances.
2) If Brent breaches below than USD63.75 – USD62.78 (Support Zone), which the latter coincides with 20-day-EMA, Brent may lay down the foundation for a new downtrend and this will cap off the potential further bullish movement.
As of 4-Mar-21, a new higher low base structure has been established after the downward price rebounded off 20-day-EMA which acted as a strong support that curtailed the Brent from going lower.
The 20-day-EMA had double coincidences which USD62.67 as Resistance Become Support (RBS) and 38.2% Fibonacci golden ratio retracement, calculated from the lowest trough on 1-Feb-21 and highest peak on 25-Feb-21.
Brent is now struggling to violate above USD64.50 – USD65 (Support Zone). Several attempts to break out above this zone have been met with reversal. If Brent able to violate, the bullish reversal is confirmed, thus it is assumed that temporary correction has come to its end.
Therefore, the firmer projections are developed based on the revised Fibonacci retracement with some reiterations of the earlier bullish bias, in view of a new higher low base structure has been formed:
1) USD65.72 (23.6%)
2) USD67 - USD67.68 (38.2%)
3) USD70.84 (61.8%). USD70 as key psychological level & 100% FE of 1-month view chart
4) USD75.90 (100%)
5) USD84.08 (162%)