Murrey Math Lines 26.02.2021 (Brent, S&P 500)
BRENT
In the H4 chart, Brent is consolidating below 5/8. In this case, the pair is expected to continue falling to reach the closest support at 4/8. However, this scenario may no longer be valid if the price breaks the support at 5/8 to the upside. After that, the instrument may continue growing towards the resistance at 6/8.
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, the S&P Index has broken the 200-day Moving Average and the consolidation range to the downside. In this case, the price may continue falling within the downtrend towards the support at 0/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may grow and reach the resistance at 5/8.
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.
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