Brent
On H4, the quotes are above the 200-day Moving Average, which indicates the prevalence of an uptrend. The RSI is approaching the support line. A test of 4/8 (87.50) should be expected, followed by growth to the resistance at 5/8 (90.62). The scenario can be canceled by a breakout of 3/8 (84.38) downwards. In this case, the quotes could drop to the support at 2/8 (81.25).
On M15, an additional signal confirming the growth of the quotes could be a breakout of the upper border of the VoltyChannel indicator.
S&P 500
On H4, the quotes are above the 200-day Moving Average, which indicates the prevalence of an uptrend. The RSI has rebounded from the support line. As a result, the quotes are expected to rise above 5/8 (4140.6), followed by growth to the resistance at 6/8 (4218.8). The scenario can be canceled by a downwards breakout of the support at 4/8 (4062.5). In this case, the S&P 500 quotes could drop to 3/8 (3984.4).
On M15, the upper line of VoltyChannel is broken, which confirms presence of an uptrend and increases the probability of further rise in price.
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.