As see can see in the H4 chart, Brent is trading above the 200-day Moving Average, thus indicating an ascending tendency. However, the asset has risen pretty much recently and such growths are usually followed by descending corrections and then new waves to the upside. That’s why, the pair is expected to test 5/8, rebound from it, and then resume falling towards the support at 4/8. However, this scenario may no longer be valid if the price breaks 6/8 to the upside. After that, the instrument may continue trading upwards and reach the resistance at 7/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue the descending tendency.
S&P 500
In the H4 chart, the S&P Index is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break 7/8 and continue growing towards the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 6/8 to the downside. After that, the instrument may correct downwards to reach the support at 5/8.
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 resume growing only after breaking 7/8 from the H4 chart.
