Article By RoboForex.com
BRENT
As we can see in the H4 chart, after breaking the 200-day Moving Average, Brent is trading above it to indicate a possible ascending tendency. However, there is divergence on the Relative Strength Index, which is a signal in favour of decline. In this case, the pair is expected to break 6/8 (93.75) and continue falling towards the support at 5/8 (90.62). However, this scenario may be cancelled if the price breaks the resistance at 7/8 (96.88) to the upside. After that, the instrument may move upwards to reach 8/8 (100.00).
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
S&P 500
As we can see in the H4 chart, the S&P 500 index is trading inside the “oversold area”. The Relative Strength Index has broken the descending trendline to the upside. In this case, the price is expected to break 0/8 (3750.0) and continue moving upwards to reach the resistance at 1/8 (3906.2). However, this scenario may no longer be valid if the price breaks the support at -1/8 (3593.8) to the downside. After that, the instrument may continue to fall towards -2/8 (3437.5).
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
- COT Metals Charts: Speculator Bets led by Gold, Silver & Platinum Sep 21, 2024
- COT Bonds Charts: Speculator Bets led by Fed Funds & 5-Year Bonds Sep 21, 2024
- COT Stock Market Charts: Speculator Bets led by VIX & DowJones-Mini Sep 21, 2024
- COT Soft Commodities Charts: Speculator bets led by Cotton & Soybeans Sep 21, 2024
- The People’s Bank of China kept key rates unchanged. Oil grows amid escalating conflict in the Middle East Sep 20, 2024
- AUD/USD Reaches New Heights as Risk Sentiment Improves Sep 20, 2024
- Brent Crude Oil Rebounds Amid Monetary Easing and Market Dynamics Sep 19, 2024
- The US Fed surprised the market with a sharp rate cut. Australia’s labor market remains resilient Sep 19, 2024
- The US Federal Reserve will begin its rate-cutting cycle today. In the UK, inflation figures were unchanged Sep 18, 2024
- USDJPY Experiences Renewed Decline as Market Adjusts Expectations Sep 18, 2024