Murrey Math Lines 29.07.2022 (Brent, S&P 500)

BRENT

As we can see in the H4 chart, Brent is trading below the 200-day Moving Average, thus indicating a possible descending tendency. In this case, the price is expected to test 1/8, break it, and then continue moving downwards to reach the support at 0/8. However, this scenario may no longer be valid if the asset breaks the resistance at 2/8 to the upside. After that, the instrument may reverse and grow towards 3/8.

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

As we can see in the H4 chart, the S&P Index is also trading below the 200-day Moving Average to indicate a descending tendency. In this case, the price is expected to break 2/8 and continue falling towards the support at 1/8. However, this scenario may no longer be valid if the asset breaks the resistance at 3/8 to the upside. After that, the instrument may reverse and grow to reach 5/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards to reach 1/8 from the H4 chart.