Brent quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. However, the RSI has reached the overbought area. In this situation, a downward breakout of 4/8 (81.25) is expected, followed by a price decline to the support level of 3/8 (79.69). The scenario could be cancelled by rising above the 5/8 (82.81) level. In this case, the quotes might rise to the resistance of 6/8 (84.38).
On M15, the lower boundary of the VoltyChannel is too far from the current price, so the quotes decline could only be supported by a breakout of the 4/8 (81.25) level on H4.
S&P 500
The stock index is in the overbought area on H4, while the RSI has broken the support line. In these circumstances, a rebound from 1/8 (4884.8) is expected, followed by a price decline to the support at 7/8 (4804.7). The scenario could be cancelled by rising above the resistance at 1/8 (4882.8), in which case, the S&P 500 index might reach the 2/8 (4921.9) level.
On M15, the price decline could be additionally confirmed 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.