Murrey Math Lines 29.10.2021 (Brent, S&P 500)
BRENT
As we 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 continue growing towards the resistance at 4/8. However, this scenario may no longer be valid if the asset breaks 3/8 to the downside. After that, the instrument may resume falling and reach the support at 2/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
S&P 500
In the H4 chart, the S&P Index is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to test 3/8, break it, and then continue trading upwards to reach the resistance at 4/8. However, this scenario may no longer be valid if the asset breaks 2/8 to the downside. After that, the instrument may correct towards the support at 1/8.
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 its growth.
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.