Brent quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, the quotes are expected to rise above 7/8 (92.18), subsequently reaching the resistance at 8/8 (93.75). The scenario can be cancelled by a downward breakout of the 6/8 (90.62) level. In this case, the price might drop to the support at 5/8 (89.06).
On M15, the upper boundary of the VoltyChannel is broken, which increases the probability of a further price rise.
S&P 500
The S&P 500 index quotes are below the 200-day Moving Average on H4, which indicates the prevalence of a downtrend. However, the RSI is in the oversold area. As a result, in these circumstances, a test of 3/8 (4296.9) is expected, from where the price could rebound and drop to the support at 1/8 (4140.6). The scenario can be cancelled by rising above the resistance at 3/8 (4296.9), which might lead to a rise to 4/8 (4375.0).
On M15, after a rebound from 3/8 (4296.9), the price decline might 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.