BRENT
On H4, the quotes are under the 200-day Moving Average, which indicates prevalence of the downtrend. The RSI is nearing the oversold area. Currently, we should expect a test of 1/8 (89.06), a breakaway of it, and falling to the support level of 0/8 (87.50). The scenario can be cancelled by rising over the resistance level of 2/8 (90.62). In this case, the quotes might rise to 3/8 (92.19).
On M15, the lower line of VoltyChannel is broken away, which confirms the downtrend and a high probability of further price falling.
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S&P 500
On H4, the quotes have bounced off the 200-day Moving Average and are now beneath it, which indicates the prevalence of a downtrend. The RSI is testing the resistance line. Currently, we expect the price to break through the support level of 1/8 (3906.2) downwards and fall to 0/8 (3750.0). The scenario can be cancelled by rising over the resistance level of 2/8 (4062.5). This might lead to a trend reversal and growth of the index quotes to 3/8 (4218.8).
On M15, the lower line of VoltyChannel is broken away, which increases the probability of further falling.
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.
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