Brent quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI is testing the resistance line. In this situation, the quotes are expected to rise above 8/8 (93.75), amounting to the resistance level of 1/8 (95.31) later. The scenario can be cancelled by a downward breakout of 7/8 (92.19). In this case, the quotes will be aiming at the support at 6/8 (90.62).
On M15, the upper boundary of the VoltyChannel is broken. This increases the probability of a further price rise.
The S&P 500 index quotes and the RSI are in their respective oversold areas on H4. In this situation, a rebound from the -1/8 (4375.0) level is expected, from where the price could rise to the resistance at 1/8 (4414.1). The scenario can be cancelled by a downward breakout of the support at -1/8 (4335.9). In this case, the S&P 500 quotes could continue falling and might reach the -2/8 (4296.9) level.
On M15, the lower boundary of the VoltyChannel is too far away from the current price, hence, the price rise could be supported by a rebound from -1/8 (4335.9) 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.