Murrey Math Lines 22.10.2021 (Brent, S&P 500)
BRENT
In the H4 chart, after breaking 3/8, Brent is no longer consolidating. In this case, the price is expected to continue falling towards the closest support at 2/8. However, this scenario may no longer be valid if the asset breaks 3/8 to the upside. After that, the instrument may resume growing and reach the resistance at 4/8.
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 trading downwards.
S&P 500
As we can see in the H4 chart, the S&P Index is trading within the “overbought area”. In this case, the price is expected to test 8/8, break it, and then continue trading downwards to reach the support at 6/8. However, this scenario may no longer be valid if the asset breaks +1/8 to the downside. After that, the instrument may grow towards the resistance at +2/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, may continue its decline.
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.