BRENT
In the H4 chart, after breaking the 200-day Moving Average once again, Brent is trading above it to indicate a possible ascending tendency. The Relative Strength Index has also broken the descending trendline. In this case, the pair is expected to test 7/8 (96.88), break it, and then continue growing towards the resistance at 8/8 (100.00). However, this scenario may be cancelled if the price breaks 6/8 (93.75) to the downside. After that, the instrument may move downwards to reach the support at 5/8 (90.63).
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue its growth.
S&P 500
In the H4 chart, the S&P 500 index is trading inside the “oversold area”. There is convergence on the Relative Strength Index, confirming the uptrend. In this case, the price is expected to break 0/8 (3750.0) and continue moving upwards to reach the resistance at 1/8 (3906.2). However, this scenario may no longer be valid if the price breaks the support at -1/8 (3593.8) to the downside. After that, the instrument may continue to fall towards -2/8 (3437.5).
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue trading upwards to reach 1/8 (3906.2) in the H4 chart.
