In the H4 chart, after breaking the 200-day Moving Average once again, Brent is trading above it to indicate a possible ascending tendency. The Relative Strength Index has also broken the descending trendline. In this case, the pair is expected to test 7/8 (96.88), break it, and then continue growing towards the resistance at 8/8 (100.00). However, this scenario may be cancelled if the price breaks 6/8 (93.75) to the downside. After that, the instrument may move downwards to reach the support at 5/8 (90.63).
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 its growth.
In the H4 chart, the S&P 500 index is trading inside the “oversold area”. There is convergence on the Relative Strength Index, confirming the uptrend. 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).
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 to reach 1/8 (3906.2) in the H4 chart.
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.