Murrey Math Lines 25.12.2020 (Brent, S&P 500)

Brent

As we can see in the H4 chart, Brent is still moving inside the “overbought area”. At the moment, the price is rebounding from +1/8. In this case, the asset is expected to fall and reach 7/8. However, this scenario may no longer be valid if the price breaks +1/8 to the upside. After that, the instrument may continue growing towards the resistance at +2/8.

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

S&P 500

As we can see in the H4, the S&P Index has recovered a little bit after plunging earlier. Still, bulls don’t look strong enough because the asset failed to break its all-time highs. In this case, the asset is expected to break 7/8 and then continue falling towards the support at 6/8. However, this scenario may no longer be valid if the price breaks 3705.5 to the upside. After that, the instrument may continue moving upwards to reach the target at 8/8.

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