Brent quotes are under the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI has broken the support line. In this situation, a breakout of 3/8 (73.44) is expected, followed by a decline to the support at 2/8 (71.88). The scenario can be cancelled by rising above the resistance at 4/8 (75.00). In this case, Brent quotes might rise to 5/8 (76.56).
On M15, the lower line of the VoltyChannel is broken. This indicates a high probability of a further price decline.
S&P 500
S&P 500 quotes broke the level of 8/8 (4375.0) downwards on H4 and escaped the overbought area. The RSI has rebounded from the resistance line. As a result, a test of the support at 7/8 (4335.9) is expected, followed by a breakout and a decline to 6/8 (4296.9). The scenario can be cancelled by a new upward breakout of the resistance at 8/8 (4375.0). In this case, the growth of the S&P 500 index might start again, and the quotes could reach 1/8 (4414.1).
On M15, a further price decline might be supported by a breakout of the lower line of the VoltyChannel.
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.