Murrey Math Lines 07.10.2022 (Brent, S&P 500)
BRENT
As we can see in the H4 chart, after breaking the 200-day Moving Average, Brent is trading above it to indicate a possible ascending tendency. However, there is divergence on the Relative Strength Index, which is a signal in favour of decline. In this case, the pair is expected to break 6/8 (93.75) and continue falling towards the support at 5/8 (90.62). However, this scenario may be cancelled if the price breaks the resistance at 7/8 (96.88) to the upside. After that, the instrument may move upwards to reach 8/8 (100.00).
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 has broken the descending trendline to the upside. 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.
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