Murrey math lines: Brent, S&P 500
|Brent
In the H4 chart, Brent is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break 7/8 and then continue growing towards the resistance at 8/8. However, this scenario may no longer be valid if the asset breaks 6/8 to the downside. After that, the instrument may fall and reach the support at 5/8.
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.
S&P 500
In the H4 chart, after breaking the 200-day Moving Average, the S&P Index is trading below it, thus indicating a possible descending tendency. In this case, the price is expected to break 3/8 and then continue trading downwards to reach the support at 1/8. However, this scenario may no longer be valid if the asset breaks 4/8 to the upside. After that, the instrument may grow towards the resistance at 5/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, continue its decline.
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