Brent quotes are in the oversold area on H4, while the RSI has broken the resistance line. In this situation, a test of 0/8 (81.25) is expected, followed by a breakout of this level and a rise to the resistance at 2/8 (84.38). The scenario can be cancelled by a downward breakout of the support level at -1/8 (79.69). In this case, Brent quotes could drop to the -2/8 (78.12) level.
On M15, a further price rise might be additionally supported by a breakout of the upper boundary of the VoltyChannel.
S&P 500
The S&P 500 quotes have broken the 8/8 (4375.0) level on H4, exiting the overbought area. The RSI has broken the support line. In this situation, a test of 7/8 (4296.9) is expected, followed by a price decline to the support at 6/8 (4218.8). The scenario can be cancelled by rising above the resistance at 8/8 (4375.0). In this case, the S&P 500 could continue growing and reach the 1/8 (4453.1) level.
On M15, the lower boundary of the VoltyChannel is broken, which increases the probability of a further price decline.
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.