Brent quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. However, the RSI is approaching the oversold area. In this situation, a test of 1/8 (76.56) is expected, followed by a rebound from this level and a rise to the resistance at 3/8 (79.69). The scenario could be cancelled by a downward breakout of the 1/8 (76.56) level. In this case, Brent quotes might drop to the support at 0/8 (75.00).
On M15, after a rebound from 1/8 (76.56), the price rise could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
S&P 500
The S&P 500 index quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI is testing the resistance line. In this situation, a further rise of the quotes to 6/8 (4843.8) is expected. The scenario could be cancelled by a downward breakout of the support level at 5/8 (4765.6). In this case, the S&P 500 index might drop to the 4/8 (4687.5) level.
On M15, the upper boundary of the VoltyChannel is broken. This increases the probability of a further price rise.
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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.