Murrey Math Lines 02.04.2021 (Brent, S&P 500)
BRENT
In the H4 chart, after breaking the 200-day Moving Average, Brent is trading above it, thus indicating an ascending tendency. In this case, the pair is expected to test 2/8, rebound from it, and then resume growing towards the resistance at 3/8. However, this scenario may no longer be valid if the price breaks the support at 1/8 to the downside. After that, the instrument may fall to return to 0/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue the ascending tendency.
S&P 500
In the H4 chart, the S&P Index is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to continue growing towards the closest resistance at 8/8. However, this scenario may no longer be valid if the price breaks 7/8 to the downside. After that, the instrument may correct downwards and reach the support at 6/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue its growth.
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