Murrey math lines: Brent, S&P 500
|Brent
As we can see in the H4 chart, Brent is trading below the 200-day Moving Average it to indicate a possible descending tendency. The Relative Strength Index has rebounded from the descending trendline; it is still moving downwards. In this case, the pair is expected to continue falling towards the support at 4/8 (87.50). However, this scenario may be cancelled if the price breaks the resistance at 5/8 (90.62) to the upside. After that, the instrument may move upwards to reach 6/8 (93.75).
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 500 index has reached the “oversold area”. The Relative Strength Index is testing 30, confirming that the asset is oversold. In this case, the price is expected to rebound from 0/8 (3750.0) and resume moving upwards to reach the resistance at 1/8 (3906.2). However, this scenario may no longer be valid if the price breaks the support at 0/8 (3770.0) to the downside. After that, the instrument may continue fall towards -1/8 (3595.8).
As we can see in the M15 chart, the upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume trading upwards only after rebounding from 0/8 in the H4 chart.
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