Murrey Math Lines 19.08.2022 (Brent, S&P 500)
BRENT
In the H4 chart, Brent is trading within the “oversold area”. In this case, the price is expected to test 0/8, break it, and then 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 -1/8 to the downside. After that, the instrument may reverse and fall to return to -2/8.
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
As we can see in 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 4/8 and continue growing towards the resistance at 5/8. However, this scenario may no longer be valid if the asset breaks the support at 3/8 to the downside. After that, the instrument may reverse and fall to reach 2/8.
On 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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