BRENT
In the H4 chart, Brent is trading above at 200-day Moving Average to indicate a possible sideways tendency. Yesterday bears attempted to break 1/8 but failed – bulls were stronger, so the price is currently moving above this level. In this case, the price is expected to test the resistance at 2/8, break it, and then continue moving upwards to reach 3/8. However, this scenario may no longer be valid if the asset breaks the support at 1/8 to the downside. After that, the instrument may reverse and fall towards 0/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue trading upwards.
S&P 500
In the H4 chart, after breaking the 200-day Moving Average, the S&P Index is trading below it to indicate a descending tendency. In this case, the price is expected to break 4/8 and continue falling towards the support at 3/8. However, this scenario may no longer be valid if the asset breaks 5/8 to the upside. After that, the instrument may reverse and grow to reach the resistance at 6/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.
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.