23 Sep

Murrey Math Lines 23.09.2022 (Brent, S&P 500)

September 23, 2022

Article By RoboForex.com

BRENT

As we can see in the H4 chart, Brent is trading below the 200-day Moving Average it to indicate a possible descending tendency. The Relative Strength Index has rebounded from the descending trendline; it is still moving downwards. In this case, the pair is expected to continue falling towards the support at 4/8 (87.50). However, this scenario may be cancelled if the price breaks the resistance at 5/8 (90.62) to the upside. After that, the instrument may move upwards to reach 6/8 (93.75).

BRENTH4
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 downside line of the VoltyChannel indicator and, as a result, continue its decline.

BRENT_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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S&P 500

In the H4 chart, the S&P 500 index has reached the “oversold area”. The Relative Strength Index is testing 30, confirming that the asset is oversold. In this case, the price is expected to rebound from 0/8 (3750.0) and resume moving upwards to reach the resistance at 1/8 (3906.2). However, this scenario may no longer be valid if the price breaks the support at 0/8 (3770.0) to the downside. After that, the instrument may continue fall towards -1/8 (3595.8).

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 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 0/8 in the H4 chart.

S&P 500_M15

Article By RoboForex.com

Attention!
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.


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