On H4, Brent quotes have risen to 0/8 (75.00), escaping the oversold area. The RSI has rebounded from the support line. In this situation, a test of 1/8 (78.12) is expected, followed by a breakout of this level and a rise to the resistance level of 2/8 (81.25). The scenario can be cancelled by a downward breakout of the support at 0/8 (75.00). In this case, Brent quotes might return to -1/8 (71.88).
On M15, a further price increase can be additionally supported by a breakout of the upper border of the VoltyChannel.
S&P 500
On H4, the S&P 500 quotes are above the 200-day Moving Average, which indicates the prevalence of an uptrend. However, the RSI is in the overbought area. In these circumstances, a downward breakout of the support at 3/8 (4179.7) is expected, followed by a decline to 2/8 (4140.6). The scenario can be cancelled by rising above the resistance at 4/8 (4218.8). In this case, the S&P 500 quotes might continue growing and might even reach 5/8 (4257.8).
On M15, a breakout of the lower border of the VoltyChannel could increase the probability of a decline to 2/8 (4140.6) on H4.
Attention!
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.