Murrey Math Lines 30.07.2021 (Brent, S&P 500)
BRENT
As we can see in the H4 chart, Brent is trading within the “overbought area”. In this case, the price is expected to break 8/8 and continue falling towards the closest support at 7/8. However, this scenario may no longer be valid if the asset breaks +1/8 to the upside. After that, the instrument may move upwards and reach the resistance at +2/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
S&P 500
In the H4 chart, the S&P Index is also trading within the “overbought area”. In this case, the price is expected to test 8/8, break it, and then continue falling towards the support at 7/8. However, this scenario may no longer be valid if the asset breaks +1/8 to the upside. After that, the instrument may grow to reach +2/8.
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 trading downwards.
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