BRENT
As we can see in the H4 chart, Brent is trading above the 200-day Moving Average, thus indicating an ascending tendency. However, the asset is already moving inside the “overbought area” and must break +1/8 to continue growing. At the moment, the price is rebounding from this level. In this case, the asset is expected to correct downwards to reach the closest support at 8/8. However, this scenario may no longer be valid if the price breaks +1/8 to the upside. After that, the instrument may continue growing towards the resistance at +2/8.
In the M15 chart, the price may break the downside line of the VoltyChannel indicator and, as a result, continue the descending tendency.
S&P 500
In the H4 chart of the S&P Index, the price is also moving above the 200-day Moving Average, thus indicating an ascending tendency. The market broke 7/8 earlier but hasn’t reached 8/8 yet. In this case, the asset is expected to continue growing towards the resistance at 3750.00. However, this scenario may no longer be valid if the price breaks 7/8 to the downside. After that, the instrument may move downwards to reach the support at 6/8.
As we can see in the M15 chart, the price has broken the upside line of the VoltyChannel indicator and, as a result, may continue its growth.
