Murrey Math Lines 05.11.2021 (Brent, S&P 500)
BRENT
As we can see in the H4 chart, after rebounding from 4/8, Brent is expected to break the closest resistance at 5/8 and then continue growing towards 6/8. However, this scenario may no longer be valid if the asset breaks 4/8 to the downside. After that, the instrument may resume falling and reach the support at 3/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
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 break 4/8 and then continue trading upwards to reach the resistance at 5/8. However, this scenario may no longer be valid if the asset breaks 3/8 to the downside. After that, the instrument may correct towards the support at 2/8.
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.
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.