Brent quotes have broken the 8/8 (93.75) level, escaping the overbought area. The RSI has broken the support line. In this situation, a downward breakout of 7/8 (92.19) could be expected, followed by a decline to the support at 6/8 (90.62). The scenario can be cancelled by rising above the 8/8 (93.75) level. In this case, the quotes might start growing again, and the price could reach 1/8 (95.31).
On M15, the lower boundary of the VoltyChannel has broken. This happening increases the probability of a price decline.
S&P 500
The S&P 500 quotes are below the 200-day Moving Average on H4, indicating the prevalence of a downtrend. The RSI has broken the resistance line. A test of 3/8 (4335.9) is expected in this situation, followed by a rebound from this level and a decline to the support at 1/8 (4257.8). The scenario can be cancelled by rising above the resistance level of 3/8 (4335.9). In this case, the S&P 500 index quotes could reach the 4/8 (4375.0) level.
On M15, after a rebound from 3/8 (4335.9), a further price drop could be additionally supported by a breakout of the lower boundary 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.