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Murrey Math Lines 29.01.2021 (Brent, S&P 500)

BRENT

In the H4 chart, Brent is consolidating between 3/8 and 4/8. The instrument made several attempts to break the resistance at 4/8 but failed each time. In this case, the asset is expected to break 3/8 and then correct downwards to reach the support at 2/8. However, this scenario may no longer be valid if the price breaks 4/8 to the upside. After that, the instrument may continue growing towards the resistance at 5/8.

Murrey Math Lines 29.01.2021 BRENT_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 downside line of the VoltyChannel indicator and, as a result, may continue the descending tendency.

Murrey Math Lines 29.01.2021 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, after breaking the 200-day Moving Average, the S&P Index is moving below it. In this case, the asset is expected to break the closest support at 3/8 and then continue falling towards the next support at 2/8. However, this scenario may no longer be valid if the price fixes above 4/8. After that, the instrument may recover and reach the resistance at 5/8.

Murrey Math Lines 29.01.2021 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 downside line of the VoltyChannel indicator and, as a result, may continue its decline.

Murrey Math Lines 29.01.2021 S&P 500_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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