Brent quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is testing the support line. In this situation, a test of 1/8 (78.12) is expected, followed by a breakout of this level and a decline to the support at 0/8 (75.00). The scenario could be cancelled by rising above the resistance at 2/8 (81.25), which might lead to a price growth to 3/8 (84.28).
On M15, the lower boundary of the VoltyChannel is broken. This development increases the probability of a price decline.
S&P 500
The S&P 500 index quotes are above the 200-day Moving Average, increasing the probability of an uptrend. The RSI has rebounded from the support line. As a result, in these circumstances, the quotes are expected to rise above 7/8 (4609.4), followed by an increase to the resistance level of 8/8 (4687.5). The scenario could be cancelled by a downward breakout of the support at 6/8 (4531.2). In this case, the S&P 500 index might drop to 5/8 (4453.1).
On M15, a further price growth could be additionally supported by a breakout of the upper 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.