BRENT
As we can see in the H4 chart, after breaking the 200-day Moving Average, Brent is trading above it to indicate a possible ascending tendency. However, there is divergence on the Relative Strength Index, which is a signal in favour of decline. In this case, the pair is expected to break 6/8 (93.75) and continue falling towards the support at 5/8 (90.62). However, this scenario may be cancelled if the price breaks the resistance at 7/8 (96.88) to the upside. After that, the instrument may move upwards to reach 8/8 (100.00).
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
S&P 500
As we can see in the H4 chart, the S&P 500 index is trading inside the “oversold area”. The Relative Strength Index has broken the descending trendline to the upside. In this case, the price is expected to break 0/8 (3750.0) and continue moving upwards to reach the resistance at 1/8 (3906.2). However, this scenario may no longer be valid if the price breaks the support at -1/8 (3593.8) to the downside. After that, the instrument may continue to fall towards -2/8 (3437.5).
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
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.