In the H4 chart, after breaking 8/8, Brent is no longer trading within the “overbought area”. In this case, the price is expected to continue correcting downwards to reach the support at 7/8. However, this scenario may no longer be valid if the asset breaks 8/8 to the upside. After that, the instrument may grow towards the resistance at 1/8.
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 trading downwards.
S&P 500
In the H4 chart, the S&P Index is trading below the 200-day Moving Average, thus indicating a possible descending tendency. In this case, the price is expected to break 1/8 and then continue trading downwards to reach the support at 0/8. However, this scenario may no longer be valid if the asset breaks 2/8 to the upside. After that, the instrument may grow towards the resistance at 3/8.
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.
