Murrey Math Lines 19.03.2021 (Brent, S&P 500)
BRENT
In the H4 chart, Brent is consolidating between 3/8 and 5/8. In this case, the pair is expected to test 5/8, rebound from it, and then resume falling towards the support at 3/8. However, this scenario may no longer be valid if the price breaks the resistance at 5/8 to the upside. After that, the instrument may grow to reach 7/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue the descending 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. In this case, the price is expected to test 4/8, rebound from it, and then resume growing towards the resistance at 5/8. However, this scenario may no longer be valid if the price breaks 4/8 to the downside. After that, the instrument may move downwards and reach the support at 3/8.
As we can see in the M15 chart, the upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume the ascending tendency only after rebounding from 4/8 from the H4 chart.
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