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Murrey Math Lines 07.08.2020 (Brent, S&P 500)

Brent

As we can see in the H4 chart, Brent has stopped at 7/8. In this case, the price is expected to get back inside the consolidation range and test the support at 4/8. However, this scenario may no longer be valid if the price breaks the resistance at 7/8 to the upside. After that, the instrument may continue growing to reach 8/8.

Murrey Math Lines 07.08.2020 BRENT_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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

Murrey Math Lines 07.08.2020 BRENT_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

As we can see in the H4 chart, after rebounding from 3/8 again, the Index is expected to start another decline towards the closest support at 2/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may resume growing towards the resistance at 4/8.

Murrey Math Lines 07.08.2020 S&P 500_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the M15 chart, the asset may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards to reach 2/8 from the H4 chart.

Murrey Math Lines 07.08.2020 S&P 500_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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