Brent quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is approaching the resistance line. In this situation, a downward breakout of the 2/8 (81.25) level is expected, followed by a decline to the support at 1/8 (78.12). The scenario could be cancelled by rising above the resistance at 3/8 (84.38), which could lead to a trend reversal and a rise of the pair to 4/8 (87.50).
On M15, the price decline might be a breakout of the lower boundary of the VoltyChannel.
S&P 500
The S&P 500 quotes are above the 200-day Moving Average, revealing the prevalence of an uptrend. However, a divergence has formed on the RSI. As a result, a test of 7/8 (4609.4) is expected in this situation, followed by a rebound from this level and a decline to the support at 5/8 (4453.1). The scenario could be cancelled by rising above the resistance at 7/8 (4609.4), in which case the pair might reach the 8/8 (4687.5) level.
On M15, after a rebound from 7/8 (4609.4), a breakout of the lower boundary of the VoltyChannel could serve as an additional signal confirming the 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.