Brent quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, the quotes are expected to rise above 5/8 (82.81), later reaching the resistance at 6/8 (84.38). The scenario could be cancelled by a breakout of the 4/8 (81.25) level, which might lead to a trend reversal and a decline to the support at 3/8 (79.69).
On M15, the price growth could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
S&P 500
The S&P 500 index quotes are in the overbought area on H4. The RSI has formed a divergence. In this situation, the quotes are expected to break the 1/8 (5078.1) level and drop to the support at 8/8 (5000.0). The scenario could be cancelled by rising above the 2/8 (5156.2) level, which might lead to the restructuring of the Murrey indication, after which new price targets could be set.
On M15, the price decline might 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.