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Murrey Math Lines 23.10.2020 (Brent, S&P 500)

BRENT

In the H4 chart, there has been a “false” breakout of 3/8. In this case, later the price is expected to continue growing towards the resistance at 4/8. 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 23.10.2020 BRENT_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the M15 chart, the asset has broken the upside line of the VoltyChannel indicator and, as a result, may continue the ascending tendency.

Murrey Math Lines 23.10.2020 BRENT_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

In the H4 chart, the Index is moving above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the asset is expected to break 5/8 and then continue growing towards the resistance at 6/8. However, this scenario may no longer be valid if the price breaks 4/8 to the downside. After that, the instrument may correct downwards to reach the support at 3/8.

Murrey Math Lines 23.10.2020 S&P 500_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the M15 chart, the price has broken the upside line of the VoltyChannel indicator and, as a result, may continue its growth.

Murrey Math Lines 23.10.2020 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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