Murrey Math Lines 16.07.2021 (Brent, S&P 500)
Brent
In the H4 chart, after breaking the 200-day Moving Average, Brent is trading below it, thus indicating a descending tendency. In this case, the price is expected to test 6/8, break it, and then continue falling towards the support at 5/8. However, this scenario may no longer be valid if the price breaks 7/8 to the upside. After that, the instrument may move upwards and reach the resistance at 8/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.
S&P 500
As we can see in the H4 chart, after breaking 8/8, the S&P Index has left the “overbought area”, thus indicating a correctional decline. In this case, the price is expected to test 7/8, break it, and then continue falling towards the support at 6/8. However, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may grow to reach the resistance at +1/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
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