Murrey Math Lines 24.07.2020 (Brent, S&P 500)
Brent
In the H4 chart, Brent is trading at 8/8. In this case, the price is expected to break this level to the downside and continue falling towards the support at 6/8. However, this scenario may no longer be valid if the price breaks +1/8 to the upside. After that, the instrument may continue growing to reach the resistance at +2/8.
As we can see in the M15 chart, the asset has broken the downside line of the VoltyChannel indicator and, as a result, may continue the descending tendency.
S&P 500
In the H4 chart, after rebounding from 6/8, the Index is expected to fall towards 5/8. In this case, the price may reach this level, break it, and then continue falling towards the support at 4/8. However, this scenario may no longer be valid if the price rebounds from 5/8 to the upside. After that, the instrument may resume growing towards the resistance at 6/8.
As we can see in the M15 chart, the asset has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards.
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