Murrey Math Lines 11.02.2022 (Brent, S&P 500)

BRENT

As we can see in the H4 chart, Brent is trading above the 200-day Moving Average, thus indicating a possible ascending tendency. In this case, the price is expected to test 6/8, break it, and then continue moving upwards to reach the resistance at 7/8. However, this scenario may no longer be valid if the asset breaks 5/8 to the downside. After that, the instrument may correct towards the support at 4/8.

in the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.

S&P 500

In the H4 chart, after failing to break the 200-day Moving Average, the S&P Index is trading below it to indicate a descending tendency. In this case, the price is expected to break the support at 1/8 and then continue trading downwards to reach 0/8. However, this scenario may no longer be valid if the asset breaks 2/8 to the upside. After that, the instrument may grow towards the resistance at 4/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.