Brent
On H4, Brent quotes are under the 200-day Moving Average, which indicates the prevalence of a downtrend. The RSI is testing the resistance line. In this circumstances, we expect a downward breakout of 1/8 (78.12) and falling to the support at 0/8 (75.00). The scenario can be canceled by rising above 2/8 (81.25), which might lead to a trend reversal and growth to the resistance level of 3/8 (84.38).
On M15, a breakout of the lower line of the VoltyChannel indicator will increase the probability of further price falling.
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
On H4, the quotes of the S&P 500 index have broken the 200-day Moving Average and are now above it, which indicates a probable development of the uptrend. However, the RSI has reached the overbought area. As a result, in such a situation, a rebound from the level of 4/8 (4062.5) is expected, after which the price could fall to the support at 3/8 (3984.4). The scenario can be canceled by rising above the resistance at 4/8 (4062.5). In this case, the growth of the S&P 500 index will continue, and the index could reach 5/8 (4140.6).
On M15, further price falling can be supported by a breakout of the lower border of VoltyChannel.
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.
- Investors’ main focus today is on the NonFarm Payrolls report. Iran is preparing for a new attack on Israel Nov 1, 2024
- AUDUSD holds near August lows: US dollar pressure remains strong Nov 1, 2024
- Stock indices under pressure ahead of US elections. Oil strengthened due to lower inventories Oct 31, 2024
- Australia has seen a sharp decline in inflationary pressures. Silver rose to $34 an ounce Oct 30, 2024
- AUD/USD Continues Downward Spiral Amid Economic Concerns Oct 30, 2024
- GBPUSD could be in for mid-week “sneaky surprise” Oct 30, 2024
- Bitcoin has reached the $70,000 mark. The Canadian dollar fell to last year’s lows Oct 29, 2024
- Brent Crude Oil Experiences Sharp Price Decline Oct 29, 2024
- EUR/USD Weakens Amid Global Economic Uncertainty and Strong US Dollar Oct 28, 2024
- Oil, Yen tumble after weekend turmoil Oct 28, 2024
