Murrey Math Lines 07.05.2021 (Brent, S&P 500)

07.05.2021

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 pair is expected to break 4/8 and then continue growing towards the resistance at 5/8. However, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may correct downwards and reach the support 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 pair may break the upside line of the VoltyChannel indicator and, as a result, continue its growth.

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, after completing the correction, the S&P Index is once again approaching the ”overbought area”. In this case, the price is expected to break 8/8 and continue growing towards the resistance at +1/8. However, this scenario may no longer be valid if the price breaks 7/8 to the downside. After that, the instrument may move downwards and return to 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 pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue the ascending tendency.

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.