On H4, Brent quotations have broken through the 200-days Moving Average and are trading below it, which indicates a probable breakout of a downtrend. Currently, we expect a test of 6/8 and a bounce off it, followed by falling to the support level of 4/8. Tye scenario can be canceled by rising over 6/8. In this case, oil price may rise to the resistance level of 7/8.
On M15, the lower border of VoltyChannel is broken. This increases the probability of falling.
On H4, the quotations are trading above the 200-days MA, which means the uptrend is prevailing. In this case, we should expect growth to the resistance level of 2/8. The scenario can be canceled by a breakaway of 1/8 downwards. This might provoke falling to 8/8.
On M15, the upper line of VoltyChannel is broken, which confirms the activity of the uptrend and a high probability of further price growth.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.