Brent quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is testing the resistance line. In this situation, a test of 8/8 (81.25) is expected, followed by a breakout of this level and a rise to the resistance at 1/8 (82.81). The scenario can be cancelled by a downward breakout of the support at 7/8 (79.69). In this case, the quotes could return to 6/8 (78.12).
On M15, the growth of the quotes might be additionally supported by a breakout of the upper boundary of the VoltyChannel.
S&P 500
The S&P 500 index quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is testing the support line. In this situation, further growth to the nearest resistance at 7/8 (4609.8) is expected. The scenario can be cancelled by a downward breakout of the support at 6/8 (4531.2). In this case, the S&P 500 index could correct to 5/8 (4453.1).
On M15, a breakout of the upper line of the VoltyChannel might increase the probability of a price rise to 7/8 (4609.8) on H4.
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.