BRENT
On H4, the quotations are trading above the 200-days Moving Average, revealing the prevalence of an uptrend. However, the price is already in the overbought area. Hence, we currently expect the level of 8/8 to be broken and the price to fall to the nearest support at 7/8. The scenario can be canceled by a breakaway of +1/8, which will drive the price to the resistance at +2/8.
On M15, a breakaway of the lower border of the VoltyChannel indicator can become another signal supporting the decline.
S&P 500
On H4, the quotations are also trading above the 200-days Moving Average, revealing the prevalence of an uptrend. We currently expect another breakaway of 7/8, which might provoke growth to the resistance at 8/8. If the price fails to overcome 7/8 one of these days, the quotations might correct to the support at 6/8.
On M15, a breakaway of the upper border of the VoltyChannel indicator can become another signal supporting the growth.
