Brent crude oil quotes and the RSI on H4 are in their respective overbought areas. In this situation, a downward breakout of 8/8 (93.75) is expected, followed by a decline to the support at 6/8 (90.62). The scenario can be cancelled by an upward breakout of 1/8 (95.31). In this case, the quotes could aim at the resistance at 2/8 (96.88).
On M15, the lower boundary of the VoltyChannel is too far from the current price, so the decline might only be supported by a downward breakout of 8/8 (93.75) on H4.
S&P 500
On H4, the S&P 500 index quotes are above the 200-day Moving Average, indicating the prevalence of an uptrend. However, the RSI has already reached the overbought area. As a result, in these circumstances, a test of 4/8 (4531.2) is expected, followed by a rebound from this level and a decline to the support at 3/8 (4492.2). The scenario can be cancelled by rising above the resistance level of 4/8 (4453.1). In this case, the S&P 500 could continue growing and reach 5/8 (4570.3).
On M15, the lower boundary of the VoltyChannel is too far from the current price, so the decline might only be supported by a rebound from 4/8 (4531.2) 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.