Brent oil quotes on H4 are below the 200 day Moving Average, which is indicative of a downtrend. The RSI is however already in the oversold region. The test of 0/8 (75.00) is to be expected. The bounce off it should be followed by growth up to the resistance level. 2/8 (81.25). A downward breakaway from the support level can cancel this scenario 0/8 (75.00). The quotes could fall to -1/8 (71.88).
The upper VoltyChannel line at M15 is too far from the current price. This means that growth in the quotes will only be possible through a bounce off 0/8 H4.
On H4, the S&P 500 quotes have dropped under the 200-day Moving Average again, indicating a downtrend. The resistance line is being tested at the RSI. The support level of RSI is expected to break down in the final. 1/8 Expect to fall to (3906.22) and then to (3906.22). 0/8 (3750.0). This scenario can be canceled by increasing the resistance level to 2/8 (4062.5). This could result in a trend reversal or growth of the quotes 3/8 (4218.8).
A bounce off the VoltyChannel’s lower line will also confirm the decline on M15.
Article by RoboForex.com
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