Murrey Math Lines 01.10.2021 (Brent, S&P 500)
BRENT
As we can see in the H4 chart, Brent is trading inside the “overbought area”. In this case, the price is expected to test +1/8, break it, and continue falling towards the support at 8/8. However, this scenario may no longer be valid if the asset breaks +2/8 to the upside. After that, the lines in the chart will be redrawn, thus helping us to define new upside targets.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, may continue its decline.
S&P 500
In the H4 chart, the S&P Index is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to break 1/8 and then continue trading downwards to reach the support at 0/8. However, this scenario may no longer be valid if the asset breaks the resistance at 2/8 to the upside. After that, the instrument may correct towards 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.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.