Murrey Math Lines 14.05.2021 (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 pair is expected to break 3/8 and then continue growing towards the resistance at 5/8. However, this scenario may no longer be valid if the price breaks 2/8 to the downside. After that, the instrument may reverse downwards and reach the support at 1/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue its growth.
S&P 500
In the H4 chart, after breaking the 200-day Moving Average, the S&P Index is trading above it, thus completing the correction. In this case, the price is expected to start a new rising wave to break 6/8 and 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 move downwards to reach the support at 3/8.
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 the ascending tendency.
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