Murrey Math Lines 27.11.2020 (Brent, S&P 500)

BRENT

In the H4 chart, there’s been a “false” breakout of 7/8. In this case, the asset is expected to correct downwards within the rising channel to reach the support at 5/8. However, this scenario may no longer be valid if the price breaks 7/8 to the upside. After that, the instrument may continue growing towards the resistance at 8/8.

As we can see in the M15 chart, the price has broken the downside line of the VoltyChannel indicator and, as a result, continue the descending tendency towards 5/8 from the H4 chart.

S&P 500

As we can see in the H4 chart, the Index is moving above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the asset is expected to continue growing towards the closest resistance at 7/8. However, this scenario may no longer be valid if the price breaks 6/8 to the downside. After that, the instrument may correct downwards to reach the support at 5/8.

In the M15 chart, the price may break the upside line of the VoltyChannel indicator and, as a result, continue its growth.