Brent quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. However, the RSI is in the overbought area. As a result, in this situation, the price is expected to rebound from the 5/8 (90.62) level and drop to the support at 4/8 (87.50). The scenario could be cancelled by breaking above the 5/8 (90.62) level. In this case, Brent quotes could maintain their upward trajectory, potentially reaching the resistance at 6/8 (93.75).
On M15, the price decline could be additionally confirmed by a breakout of the lower boundary of the VoltyChannel.
S&P 500
S&P 500 quotes remain in the overbought area on D1. The RSI has broken the support line. In this situation, the price is expected to break below the 1/8 (5156.2) level and fall to the support at 8/8 (5000.00). The scenario could be cancelled by rising above 2/8 (5312.5), which might reshuffle the Murrey indication, setting new price movement targets.
On M15, the lower boundary of the VoltyChannel is broken, which increases the probability of a further price decline.
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.