Murrey Math Lines 06.11.2020 (Brent, S&P 500)
BRENT
In the H4 chart, after rebounding from 5/8, Brent is moving below the 200-day Moving Average, thus indicating a descending tendency. In this case, the asset is expected to break 3/8 and then continue falling to reach the support at 1/8. However, this scenario may no longer be valid if the price breaks 5/8 to the upside. After that, the instrument may reverse and resume growing towards the resistance at 6/8.
As we can see in the M15 chart, the asset has broken the downside line of the VoltyChannel indicator and, as a result, may continue the descending tendency.
S&P 500
In the H4 chart, the Index is moving above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the asset is expected to test 5/8, rebound from it, and then resume growing towards the resistance at 7/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may correct downwards to reach the support at 3/8.
As we can see in the M15 chart, the price has broken the upside line of the VoltyChannel indicator and, as a result, may continue its growth towards 7/8 from the H chart.
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