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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.

Murrey Math Lines 29.07.2022 BRENTH4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.

Murrey Math Lines 29.07.2022  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 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.

Murrey Math Lines 29.07.2022  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 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.

Murrey Math Lines 29.07.2022  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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