By RoboForex.com
Brent
H4: The quotes have breached the 200-day Moving Average. They are now below it. This could indicate a potential downtrend. However, the RSI reached the oversold level, which signals a correction. A test of 4/8 (81.25) can be expected. This will be followed by a bounce and growth to the resistance of 6/8 (63.48). A downward breakout of the support level at 4/8 (81.25) can cancel this scenario. In such a case, the quotes may drop to 2/8 (78.12).
VoltyChannel’s upper line on M15 is too far off the current price. So growth of the quotes can be seen by a bounce-off 4/8 (81.25) of H4.
S&P 500
The H4 quotes are higher than the 200-day Moving Average. This indicates that there is an uptrend. However, the RSI is now in the overbought region. This scenario would result in a 5/8 (4140.6) downward breakaway, which is followed by a fall to the support level at 4/8 (4062.5). An upward breakout of the resistance level 6/8 (4218.8) can cancel this scenario. The situation could be reversed by a breakaway of the resistance level 6/8 (4218.8). In this case, the quotations should continue to move upwards and may reach 7/8 (4296.69).
An additional indicator of a decline in M15 can be a breakaway from the VoltyChannel lower border.
