Brent
On H4, the quotes have broken through the 200-day Moving Average and are now below it, which indicates possible development of a downtrend. The RSI has bounced off the resistance line. As a result, further falling of the price to the nearest support of 5/8 (82.81) is expected. The scenario can be cancelled by rising above the resistance level of 6/8 (84.38). In this case the pair may rise to 7/8 (85.94).
On M15, the lower line of VoltyChannel is broken away, which increases the probability of further falling.
S&P 500
On H4, the quotes are above the 200-day Moving Average, revealing prevalence of an uptrend. The RSI is nearing the support level. In this situation, a test of 4/8 (4062.5) is expected, followed by a bounce off it and growth to the resistance level of 5/8 (4140.6). The scenario can be cancelled by a downward breakaway of 4/8 (4062.2). In this case, the S&P 500 index should continue falling, and the quotes may drop to 3/8 (3984.4).
On M15, the upper line of VoltyChannel is too far away from the current price, which mean growth can only be supported by a bounce off 4/8 (4062.5) on H4.
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.