Murrey Math Lines 12.08.2022 (Brent, S&P 500)
BRENT
In the H4 chart, after breaking 0/8, Brent is no longer trading within the “oversold area”. In this case, the price is expected to continue moving upwards to reach the resistance at 1/8. However, this scenario may no longer be valid if the asset breaks the support at 0/8 to the downside. After that, the instrument may reverse and fall to return to -1/8.
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 its growth towards 1/8 from the H4 chart.
S&P 500
On the H4 chart, after breaking the 200-day Moving Average, the S&P Index is trading above it to indicate a possible ascending tendency. In this case, the price is expected to break 3/8 and continue growing towards the resistance at 4/8. However, this scenario may no longer be valid if the asset breaks the support at 2/8 to the downside. After that, the instrument may reverse and fall to reach 1/8.
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.
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