Brent
Brent quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. However, the RSI is approaching the oversold area. In this situation, a test of 1/8 (76.56) is expected, followed by a rebound from this level and a rise to the resistance at 3/8 (79.69). The scenario could be cancelled by a downward breakout of the 1/8 (76.56) level. In this case, Brent quotes might drop to the support at 0/8 (75.00).
On M15, after a rebound from 1/8 (76.56), the price rise could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
S&P 500
The S&P 500 index quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI is testing the resistance line. In this situation, a further rise of the quotes to 6/8 (4843.8) is expected. The scenario could be cancelled by a downward breakout of the support level at 5/8 (4765.6). In this case, the S&P 500 index might drop to the 4/8 (4687.5) level.
On M15, the upper boundary of the VoltyChannel is broken. This increases the probability of a further price rise.
Our analytics team will be back on 9 January 2024 with the latest overviews and forecasts. Happy Holidays!