Brent
Brent quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. However, the RSI is in the overbought area. As a result, in this situation, a breakout of the 6/8 (84.71) level is expected, followed by a decline to the support at 5/8 (82.81). The scenario could be cancelled by rising above 7/8 (85.94), in which case Brent quotes might continue growth, reaching the resistance at 8/8 (87.50).
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
S&P 500
The S&P 500 quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. The RSI is testing the support line. In this situation, a rebound from the 6/8 (5156.2) is expected, followed by a price rise to the resistance at 7/8 (5234.4). The scenario could be cancelled by a breakout of the 6/8 (5156.2) level, in which case, the index might drop to the support at 5/8 (5078.1).
On M15, the price growth could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
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.