Murrey Math Lines 05.02.2021 (Brent, S&P 500)
BRENT
As we can see in the H4 chart, Brent is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the asset is expected to break 6/8 and then continue moving upwards to reach the resistance at 7/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may continue consolidating and falling towards the support at 4/8.
In the M15 chart, the price may break the upside line of the VoltyChannel indicator and, as a result, continue the ascending tendency.
S&P 500
In the H4, the S&P Index is trading above the 200-day Moving Average close to its all-time highs, thus indicating an ascending tendency. In this case, the asset is expected to continue growing towards the next resistance at 8/8. However, this scenario may no longer be valid if the price break 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 price has broken the upside line of the VoltyChannel indicator and, as a result, may continue its growth.
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