BRENT
As we can see in the H4 chart, Brent is trading below the 200-day Moving Average it to indicate a possible descending tendency. The Relative Strength Index has broken the ascending trendline to the downside. In this case, the pair is expected to break 4/8 (87.50) and continue falling towards the support at 2/8 (81.20). However, this scenario may be cancelled if the price breaks the resistance at 5/8 (90.62) to the upside. After that, the instrument may move upwards to reach 6/8 (93.75)./p>
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
S&P 500
As we can see in the H4 chart, the S&P 500 index is trading inside the “oversold area”. The Relative Strength Index is testing 30, confirming that the asset is oversold. In this case, the price is expected to break 0/8 (3750.0) and continue moving upwards to reach the resistance at 1/8 (3906.2). However, this scenario may no longer be valid if the price breaks the support at -1/8 (3593.8) to the downside. After that, the instrument may continue to fall towards -2/8 (3437.5).
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
