Brent quotes are below the 200-day Moving Average on H4, revealing the probability of a downtrend development. The RSI is testing the resistance line. In this situation, a downward breakout of 4/8 (87.50) is expected, followed by a decline to the support at 2/8 (84.38). The scenario can be cancelled by rising above the resistance at 5/8 (89.06). In this case, crude oil quotes might climb to 6/8 (90.62).
On M15, a breakout of the lower boundary of the VoltyChannel could increase the probability of a price decline.
S&P 500 quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. However, the RSI has formed a convergence. In this situation, a test of 6/8 (4218.8) is expected, followed by a breakout of this level and a rise to the resistance level of 7/8 (4296.9). The scenario can be cancelled by a downward breakout of 5/8 (4140.6), which could lead to a decline of the index to 4/8 (4062.5).
On M15, the growth of the quotes could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
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.