Brent quotes are above the 200-day Moving Average on D1, which indicates 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 (90.62), after which they might reach the resistance at 6/8 (93.75). The scenario could be cancelled by breaching the 4/8 (87.50) level. In this case, Brent quotes could drop to the support at 3/8 (84.38).
On M15, the upper boundary of the VoltyChannel is broken, which increases the probability of a further price rise.
S&P 500
The S&P 500 quotes are in the overbought area, while the RSI is approaching the resistance line. In this situation, a test of 1/8 (5156.2) is expected, after which the quotes could rebound from this level and drop to the support at 7/8 (4843.8). The scenario might be cancelled by a breakout of the 1/8 (5156.2) level, in which case the S&P 500 quotes could rise to the resistance at 2/8 (5312.5).
On M15, after a rebound from 1/8 (5156.2) on D1, 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.