Murrey math lines: Brent, S&P 500
|Brent
As see can see in the H4 chart, Brent has reached the “overbought area”; right now, it is trading close to 8/8. In this case, the price is expected to rebound from this level and resume falling towards the support at 7/8. However, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may move upwards and reach the resistance at +1/8.
In the M15 chart, the pair may break the downside line of the Volty Channel indicator and, as a result, continue its decline.
S&P 500
In the H4 chart, the S&P Index is trading above the 200-day Moving Average, thus indicating an ascending tendency, and has already broken 5/8. In this case, the price is expected to continue growing towards the resistance at 6/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may correct to reach the support at 4/8.
As we can see in the M15 chart, the pair has broken the upside line of the Volty Channel indicator and, as a result, may continue trading upwards.
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