Murrey Math Lines 09.10.2020 (Brent, S&P 500)
BRENT
In the H4 chart, Brent is moving above the 200-day Moving Average, thus indicating a possible ascending tendency. In this case, later the price is expected to break 4/8 and then continue growing towards the closest resistance at 5/8. However, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may continue falling towards the support at 2/8.
As we can see in the M15 chart, the asset 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 Index is moving above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the asset is expected to move upwards to break 5/8 and then continue growing towards the target at 6/8. However, this scenario may no longer be valid if the price breaks 4/8 to the downside. After that, the instrument may correct downwards to reach the support at 3/8.
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.
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.