Murrey Math Lines 28.08.2020 (Brent, S&P 500)

Article By RoboForex.com

Brent

As we can see in the H4 chart, after rebounding from 6/8, Brent is growing towards 7/8. In this case, later the price is expected to break the latter level and continue trading upwards to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 6/8 to the downside. After that, the instrument may continue falling towards the closest support at 5/8.

In the M15 chart, the asset may break the upside line of the VoltyChannel indicator and, as a result, continue the ascending tendency.

S&P 500

In the H4 chart, the Index is moving inside the “overbought area”. In this case, the asset is expected to rebound from +2/8 and resume falling towards the support at +1/8. However, this scenario may no longer be valid if the price breaks +2/8 to the upside. After that, the lines at the chart will be redrawn, thus helping to define new upside targets.

As we can see in the M15 chart, the price is quite far away from the upside line of the VoltyChannel indicator, that’s why only a rebound from the +2/8 on the H4 chart may signal a new decline.

Article By RoboForex.com

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.