Brent
On H4, the quotes are above the 200-day Moving Average, implying an uptrend. The RSI has risen above the resistance line. A breakaway of 8/8 (87.50) upwards should be expected, followed by growth to the resistance line of +1/8 (89.06). The scenario can be cancelled by a downward breakaway of the support level at 6/8 (84.38), which might lead to a trend reversal and falling to 4/8 (81.25).
On M15, the upper line of VoltyChannel is broken away, which indicates an uptrend and increases the probability of further growth.
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S&P 500
On H4, the S&P 500 index quotes has broken through the 200-day Moving Average and are now under it, which indicates probable development of a downtrend. The RSI is nearing the resistance level. As a result, a bounce off 2/8 (3906.2) should be expected, followed by falling to the support level of 1/8 (3828.1). The scenario can be cancelled by rising over 3/8 (3984.4). In this case, the quotes might rise to the resistance level of 4/8 (4062.5).
On M15, the lower line of VoltyChannel is broken, which increases the probability of further falling of the price.
Article By RoboForex.com
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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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