BRENT
In the H4 chart, Brent is trading above at 200-day Moving Average to indicate a possible sideways tendency. Yesterday bears attempted to break 1/8 but failed – bulls were stronger, so the price is currently moving above this level. In this case, the price is expected to test the resistance at 2/8, break it, and then continue moving upwards to reach 3/8. However, this scenario may no longer be valid if the asset breaks the support at 1/8 to the downside. After that, the instrument may reverse and fall towards 0/8.
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.
S&P 500
In the H4 chart, after breaking the 200-day Moving Average, the S&P Index is trading below it to indicate a descending tendency. In this case, the price is expected to break 4/8 and continue falling towards the support at 3/8. However, this scenario may no longer be valid if the asset breaks 5/8 to the upside. After that, the instrument may reverse and grow to reach the resistance at 6/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.
Source: Roboforex
