Murrey Math Lines 11.06.2021 (Brent, S&P 500)
Brent
As see can see in the H4 chart, Brent is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break 6/8 and then 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 correct downwards and reach the support at 4/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue the ascending 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, and has already broken the resistance +1/8. In this case, the price is expected to continue growing towards +2/8. However, this scenario may no longer be valid if the price breaks 8/8 to the downside. After that, the instrument may correct downwards to reach the support at 6/8.
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 trading upwards.
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.