Brent quotes have broken the 200-day Moving Average on H4 and are currently above it, which indicates the probability of an uptrend development. However, the RSI has reached the overbought area. As a result, in this situation, a rebound from 4/8 (81.25) is expected, followed by a price decline to the support at 3/8 (79.69). The scenario could be cancelled by rising above the 5/8 (82.81) level, in which case, the price might rise to the resistance at 6/8 (84.38).
On M15, the lower boundary of the VoltyChannel is too far from the current price, so the decline could start after a rebound from the 4/8 (81.25) level on H4.
S&P 500
The stock index and the RSI have reached their respective overbought areas. In this situation, a rebound from the 8/8 (5000.0) level is expected, followed by a decline to the support at 6/8 (4921.9). The scenario could be cancelled by rising above 8/8 (5000.0), in which case, the price might grow to the resistance at 1/8 (5039.1).
On M15, the decline could be additionally supported by a breakout of the lower 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.