Murrey Math Lines 11.06.2021 (Brent, S&P 500)
Brent
As see can see in the H4 chart, Brent is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break 6/8 and then continue growing towards 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 correct downwards and reach the support at 4/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue the ascending tendency.
S&P 500
In the H4 chart, the S&P Index is trading above the 200-day Moving Average, thus indicating an ascending tendency, and has already broken the resistance +1/8. In this case, the price is expected to continue growing towards +2/8. However, this scenario may no longer be valid if the price breaks 8/8 to the downside. After that, the instrument may correct downwards to reach the support at 6/8.
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 trading upwards.
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