Murrey Math Lines 04.12.2020 (BRENT, S&P 500)
BRENT
On H4, oil quotations are trading above the 200-days Moving Average, revealing the prevalence of an uptrend. However, the price is nearing the overbought area. Hence, we are expecting a test of 8/8, a bounce off it, and falling to the support level of 6/8. The scenario will no longer be valid if 8/8 is broken away. In this case, the trend will continue to +1/8.
On M15, the lower line of the VoltyChannel indicator is too far from the price, that is why a decline will be supported by a bounce off 8/8 on H4.
S&P 500
On H4, oil quotations are trading above the 200-days Moving Average, revealing the prevalence of an uptrend. We are expecting them to go on by the trend, aiming at 8/8. The scenario might be canceled by a breakaway of 7/8 top-down, which will entail a correctional decline to the support at 6/8.
On M15, the upper border of VoltyChannel is broken away. This confirms the uptrend and the probability of further growth to 8/8 on H4.
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