BRENT
In the H4 chart, Brent is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the pair is expected to break 8/8 and continue growing to reach the resistance at +1/8. However, this scenario may no longer be valid if the price breaks the support at 7/8 to the downside again. After that, the instrument may continue falling towards 6/8.
As we can see in the M15 chart, the upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may continue the ascending tendency only after breaking 8/8 in the H4 chart.
S&P 500
In the H4, the S&P Index is also trading above the 200-day Moving Average. In this case, a breakout of 8/8 may lead to a further uptrend towards the resistance at +1/8. However, this scenario may no longer be valid if the price break 7/8 to the downside. After that, the instrument may correct to the downside and reach the support at 6/8.
As we can see in the M15 chart, the upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may continue growing only after a breakout of 8/8 in the H4 chart.
