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Murrey Math Lines 12.02.2021 (Brent, S&P 500)

12.02.2021

BRENT

In the H4 chart, Brent is trading above the 200-day Moving Average, thus indicating an ascending tendency. However, the asset has failed to fix above 7/8. In this case, the pair is expected to continue the correction to reach the closest support at 6/8. However, this scenario may no longer be valid if the price breaks the resistance at 7/8 to the upside again. After that, the instrument may continue growing towards 8/8.

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.

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

S&P 500

As we can see in the H4, the S&P Index is trading above the 200-day Moving Average and has already fixed above 2/8. In this case, the asset is expected to continue growing towards the next resistance at 3/8. However, this scenario may no longer be valid if the price break 2/8 to the downside. After that, the instrument may fall to reach the support at 1/8.

S&P 500_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 upside line of the VoltyChannel indicator and, as a result, 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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