Brent quotes are hovering below the 200-day Moving Average on H4, revealing a prevailing downtrend. The RSI is approaching the overbought area. In this situation, the price is expected to test the 2/8 (78.12) level, rebound from it, and fall to the support at 0/8 (75.00). The scenario can be cancelled by rising above 2/8 (78.12). In this case, the quotes could rise to the resistance at 4/8 (81.25).
On M15, following a rebound from 2/8 (78.12), the price decline could be additionally supported by a breakout of the lower line of the VoltyChannel.
S&P 500
S&P 500 quotes and the RSI are in the overbought areas on H4. In such circumstances, the quotes are expected to test the 1/8 (4765.6) level, rebound from it, and decline to the support at 7/8 (4609.4). The scenario can be cancelled by surpassing the 1/8 (4765.6) level. In this case, the S&P 500 index growth might continue, with the price reaching the resistance at 2/8 (4843.8).
On M15, following a rebound from 1/8 (4765.6), the price decline could be additionally supported by a breakout of the lower line 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.