Murrey Math Lines 27.05.2022 (Brent, S&P 500)
Brent
In the H4 chart, Brent is trading above the 200-day Moving Average to indicate a possible ascending tendency. In this case, the price is expected to rebound from 6/8 and resume moving upwards to reach the resistance at 8/8. However, this scenario may no longer be valid if the asset breaks the support at 6/8 to the downside. After that, the instrument may reverse and correct down to 4/8.
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
As we can see 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 test 2/8, break it, and then continue falling towards the support at 1/8. However, this scenario may no longer be valid if the asset breaks the resistance at 3/8 to the upside. After that, the instrument may reverse and grow to reach 4/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline towards 1/8 from the H4 chart.
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