10 Dec

Murrey Math Lines 10.12.2021 (Brent, S&P 500)

December 10, 2021

BRENT

In the H4 chart, Brent is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to test 4/8, rebound from it, and then resume falling towards the support at 2/8. However, this scenario may no longer be valid if the asset breaks 4/8 to the upside. After that, the instrument may continue growing and reach the resistance at 5/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards.

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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 7/8, rebound from it, and then resume trading upwards to reach the resistance at +1/8. However, this scenario may no longer be valid if the asset breaks 7/8 to the downside. After that, the instrument may correct and reach the support at 6/8.

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 resume trading upwards only after rebounding from 7/8 in the H4 chart.

Article By RoboForex.com

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Murrey Math Lines 10.12.2021 (Brent, S&P 500)