Murrey Math Lines 24.06.2022 (Brent, S&P 500)
BRENT
As we can see 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 break 3/8 and continue moving downwards to reach the support at 1/8. However, this scenario may no longer be valid if the asset breaks the resistance at 4/8 to the upside. After that, the instrument may reverse and grow towards 5/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
S&P 500
In the H4 chart, after breaking 0/8, the S&P Index is trading outside the “oversold area”. In this case, the price is expected to test 1/8, break it, and then continue growing towards the resistance at 2/8. 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 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 its growth.
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