Murrey Math Lines 16.09.2022 (Brent, S&P 500)

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BRENT

On H4, oil quotes are under the 200-day Moving Average, which indicates a downtrend. A downwards breakaway of 1/8 and subsequent falling to the support level of 0/8 should be expected. The scenario can be canceled by rising over the resistance level of 2/8, which might make the price rise to 3/8.

On M15, the lower line of VoltyChannel is broken away, which confirms the downtrend and a high probability of further price falling.

S&P 500

On H4, the index is under the 200-day Moving Average, which indicates a downtrend. Further falling of the quotes to the nearest support level of 0/8 is expected. The scenario can be cancelled by rising over the resistance level of 1/8, in which case the index might rise to 2/8.

On M15, the lower line of VoltyChannel is broken away, which confirms the probability of further price falling.

Article By RoboForex.com

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