Murrey Math Lines 30.10.2020 (Brent, S&P 500)

BRENT

As we can see in the H4 chart, Brent is moving below the 200-day Moving Average, thus indicating a descending tendency. At the moment, the price is rebounding from the support at 0/8. In this case, the asset is expected to correct upwards to reach the resistance at 3/8. However, this scenario may no longer be valid if the price breaks 0/8 to the downside. After that, the instrument may continue falling towards the support at -2/8.

In the M15 chart, the asset may break the upside line of the VoltyChannel indicator and, as a result, continue the ascending tendency.

S&P 500

As we can see in the H4 chart, the Index is moving below the 200-day Moving Average, thus indicating a descending tendency. At the moment, the price is moving within the “oversold area”. In this case, the asset is expected to break 0/8 and then correct towards the resistance at 2/8. However, this scenario may no longer be valid if the price breaks -1/8 to the downside. After that, the instrument may correct downwards to reach the support at -2/8.

In the M15 chart, the price may break the upside line of the VoltyChannel indicator and, as a result, continue its growth.