Brent quotes are lower than the 200-day moving average on H4, which suggests a downtrend. The resistance line is being tested at the RSI. We expect a downtrend to 1/8 (78.12) with a fall to support at 0/8 (75.00). This scenario could be reversed by rising above 2/8 (81.55), which could lead to a trend reversal or growth to the resistance of 3/8 (84.38).
A breakout of the VoltyChannel indicator’s lower line on M15 will increase the likelihood of price falls further.
On H4, the quotes of the S&P 500 index have broken the 200-day Moving Average and are now above it, which indicates a probable development of the uptrend. The RSI has now reached the overbought zone. This situation is leading to a rebound at the level of 4/8 (40622.5), after which the price may fall to support at 3/8 (3984.4). This scenario can be reversed by moving above the resistance level at 4/8 (4062.5). In this case, the growth of the S&P 500 index will continue, and the index could reach 5/8 (4140.6).
Further price falls can be supported by the breakout of VoltyChannel’s lower border on M15.
Article by RoboForex.com