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Murrey Math Lines 18.12.2020 (Brent, S&P 500)

18.12.2020

BRENT

As we can see in the H4 chart, Brent is trading above the 200-day Moving Average, thus indicating an ascending tendency. However, the asset is already moving inside the “overbought area” and must break 1/8 to continue growing. At the moment, the price is rebounding from this level. In this case, the asset is expected to correct downwards to reach the closest support at 8/8. However, this scenario may no longer be valid if the price breaks 1/8 to the upside. After that, the instrument may continue growing towards the resistance at 2/8.

BRENT_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the M15 chart, the price may break the downside line of the VoltyChannel indicator and, as a result, continue the descending tendency.

BRENT_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

In the H4 chart of the S&P Index, the price is also moving above the 200-day Moving Average, thus indicating an ascending tendency. The market broke 7/8 earlier but hasn’t reached 8/8 yet. In this case, the asset is expected to continue growing towards the resistance at 3750.00. However, this scenario may no longer be valid if the price breaks 7/8 to the downside. After that, the instrument may move downwards to reach the support at 6/8.

S&P 500_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the M15 chart, the price has broken the upside line of the VoltyChannel indicator and, as a result, may continue its growth.

S&P 500_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.


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