Brent quotes have broken the 200-day Moving Average on H4 and currently rest below it, indicating probable development of a downtrend. However, the RSI is already in the oversold area. As a result, in this situation, a test of 1/8 (82.81) is expected, followed by a rebound from this level and a rise to the resistance at 3/8 (85.94). The scenario can be cancelled by a downward breakout of 1/8 (82.81). In this case, crude oil quotes could continue falling, and the price might drop to the support at 0/8 (81.25).
On M15, the upper boundary of the VoltyChannel is too far from the current price, so the price growth could be supported by a rebound from 1/8 (82.81) on H4.
S&P 500
S&P 500 quotes are under the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI has rebounded from the resistance line. In these circumstances, a rebound from the 2/8 (4218.8) level is expected, followed by a decline to the support level of 1/8 (4140.6). The scenario can be cancelled by a rebound from the resistance at 3/8 (4296.9). In this case, the S&P 500 index could reach 4/8 (4375.0).
On M15, the price decline could 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.