Brent crude oil quotes are below the 200-day Moving Average on D1, indicating a prevailing downtrend. The RSI is approaching the resistance line. In this situation, the price is expected to test the 2/8 (81.25) level, rebound, and fall to the support at 0/8 (75.00). Surpassing the 2/8 (81.25) level could invalidate this scenario, propelling the quotes to the resistance at 3/8 (84.38).
On M15, a breakout of the VoltyChannel lower line will provide an additional signal for a price decline.
S&P 500
S&P 500 quotes are in the overbought area on D1, with divergence on the RSI. In this situation, the price is expected to breach the 1/8 (5312.5) level and decline to the 8/8 (5000.0) support level. The scenario could be cancelled by a breakout of the 2/8 (5625.0) level, which might reshuffle the Murrey indication, setting new price movement targets.
On M15, a breakout of the VoltyChannel lower line will increase the probability of a 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.