Murrey Math Lines 22.07.2022 (Brent, S&P 500)
BRENT
In the H4 chart, Brent is trading below the 200-day Moving Average, thus indicating a possible descending tendency. In this case, the price is expected to test 1/8, break it, and then continue moving downwards to reach the support at 0/8. However, this scenario may no longer be valid if the asset breaks the resistance at 2/8 to the upside. After that, the instrument may reverse and grow towards 3/8.
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
In the H4 chart, after leaving the “oversold area”, the S&P Index is trading above 1/8. In this case, the price is expected to test the resistance at 2/8, break it, and then continue growing towards 3/8. 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 0/8.
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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