Brent quotes are below the 200-day Moving Average on H4, indicating the predominance of a downtrend. However, the RSI is in the oversold area. Currently, the quotes are expected to rise above the 1/8 (78.12) level, subsequently reaching the resistance level of 8/8 (4375.0). The scenario can be cancelled by a downward breakout of the support at 0/8 (75.00). In this case, Brent quotes might drop to -1/8 (71.88).
On M15, a further price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
The S&P 500 index quotes and the RSI are in their overbought area. In this situation, a rebound from +2/8 (4531.2) is expected, followed by a decline to the support at 8/8 (4375.0). The scenario can be cancelled by rising above the resistance at +2/8 (4531.2), which will result in reshuffling of the Murrey lines, after which new price targets could be set.
On M15, a breakout of the lower boundary of the VoltyChannel could increase the probability of a price decline.
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.