BRENT
As we can see in the H4 chart, Brent is trading within the “overbought area”. In this case, the price is expected to break 8/8 and then continue moving downwards to reach the support at 7/8. However, this scenario may no longer be valid if the asset breaks the resistance at +1/8 to the upside. After that, the instrument may grow towards +2/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
S&P 500
In the H4 chart, the S&P Index is trading below the 200-day Moving Average to indicate a descending tendency. In this case, the price is expected to rebound from 3/8 and then resume falling towards the support at 1/8. However, this scenario may no longer be valid if the asset breaks the resistance at 4/8 to the upside. After that, the instrument may grow to reach 5/8.
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 trading downwards only after rebounding from 3/8 in the H4 chart.
Source: Roboforex
