07 Aug

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

August 7, 2020

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.

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

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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.

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.

Article By RoboForex.com

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