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Murrey Math Lines 19.02.2021 (Brent, S&P 500)

19.02.2021

BRENT

In the H4 chart, Brent is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the pair is expected to break 8/8 and continue growing to reach the resistance at 1/8. However, this scenario may no longer be valid if the price breaks the support at 7/8 to the downside again. After that, the instrument may continue falling towards 6/8.

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 upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may continue the ascending tendency only after breaking 8/8 in the H4 chart.

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, the S&P Index is also trading above the 200-day Moving Average. In this case, a breakout of 8/8 may lead to a further uptrend towards the resistance at 1/8. However, this scenario may no longer be valid if the price break 7/8 to the downside. After that, the instrument may correct to the downside and 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 upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may continue growing only after a breakout of 8/8 in the H4 chart.

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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