On H4, Brent quotes are under the 200-day Moving Average which indicates prevalence of a downtrend. The RSI is testing the descending trend line. Currently, the price should test 3/8 (84.38), break through it, and fall to the support level of 2/8 (81.25). The scenario can be cancelled by the price rising over 4/8 (87.50), in which case the quotes may rise to 5/8 (90.62).
On M15, the lower line of VoltyChannel is broken away, which confirms a downtrend and a high probability of further price falling.
On H4, the quotes have broken through the 200-day Moving Average and are now above it, which hints on a possible development of an uptrend. The RSI has bounced off the ascending trend line and continues going upwards. Currently, the price is expected to rise above the resistance level of 2/8 (4062.5) and next - growth to 3/8 (4218.8). The scenario can be cancelled by a downward breakaway of the support level of 1/8 (3906.2), which might lead to falling to 0/8 (3750.0).
On M15, the upper line of VoltyChannel is broken away, which increases the probabilitt of growth to 3/8 (4218.8) on H4.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.