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Murrey Math Lines 16.10.2020 (Brent, S&P 500)

Brent

As we can see in the H4 chart, Brent is moving above the 200-day Moving Average, thus indicating a possible ascending tendency. In this case, later the price is expected to break 4/8 and then continue growing towards the closest resistance at 5/8. However, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may continue falling towards the support at 2/8.

Murrey Math Lines 16.10.2020 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 upside line of the VoltyChannel indicator and, as a result, continue the ascending tendency.

Murrey Math Lines 16.10.2020 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, the Index is also moving above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the asset is expected to rebound from 5/8 and then resume growing towards the resistance at 7/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may correct downwards to reach the support at 3/8.

Murrey Math Lines 16.10.2020 S&P500_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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

Murrey Math Lines 16.10.2020 S&P500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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