In the H4 chart, Brent is trading inside the “overbought area”. In this case, the price is expected to test 2/8, rebound from it, and resume falling towards the support at 8/8. However, this scenario may no longer be valid if the asset breaks 2/8 to the upside. After that, the lines in the chart will be redrawn, thus helping us to define new upside targets.
As we can see in the M15 chart, the downside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume the descending tendency only after rebounding from 2/8 from the H4 chart.
S&P 500
In the H4 chart, after breaking the 200-day Moving Average, the S&P Index is trading above it, thus indicating an ascending tendency. In this case, the price is expected to break 2/8 and then continue trading upwards to reach the resistance at 3/8. However, this scenario may no longer be valid if the asset breaks the Moving Average to the downside. After that, the instrument may reverse and fall towards the support at 1/8.
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.
