Murrey Math Lines 04.09.2020 (Brent, S&P 500)
Brent
On H4, Brent quotations are trading inside a consolidation range. We expect the price to bounce off 4/8, which will lead the price to the resistance at 5/8. The scenario may be canceled by a breakaway of 4/8 top-down, which may lead to further falling to the support at 3/8.
On M15, the upper border of VoltyChannel is too far from the current price, so the signal for the growth of the quotations will only be a bounce off 4/8 on H4.
S&P 500
On H4, the quotations of S&P 500 are also trading in a consolidation range. Currently, the price is bouncing off 4/8, which means the quotations may grow to the resistance at 5/8. The scenario may be canceled in the case of a breakaway of 4/8 top-down, which will bring the price further down to the resistance at 3/8.
On M15, the upper border of VoltyChannel is, again, too far from the current price,so the signal for the growth of the quotations will be a bounce off 4/8 on H4.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.