BRENT
On H4, the quotes of Brent oil are below the 200-day Moving Average, which indicates the prevalence of a downtrend. However, the RSI is already in the oversold area. A test of 0/8 (75.00) should be expected, followed by a bounce off it and growth to the resistance level of 2/8 (81.25). The scenario can be cancelled by a downward breakaway of the support level of 0/8 (75.00). In the case, the quotes may fall to -1/8 (71.88).
On M15, the upper line of VoltyChannel is too far away from the current price, which means growth of the quotes will be initiated by a bounce off 0/8 on H4.
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S&P 500
On H4, the S&P 500 quotes have dropped under the 200-day Moving Average again, indicating a downtrend. The RSI is testing the resistance line. In the end, a downward breakaway of the support level of 1/8 (3906.2) should be expected, followed by falling 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 quotes to 3/8 (4218.8).
On M15, an additional signal confirming the decline will be a bounce off the lower line 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.
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