Murrey Math Lines 11.11.2022 (Brent, S&P 500)

By RoboForex.com

BRENT

On H4, Brent quotes have broken through the 200-day Moving Average and are now below it, which signifies possible development of a downtrend. The RSI is testing the resistance line. In such circumstances, we should expect a downward breakaway of 6/8 (93.75) and subsequent falling to the support level of 5/8 (90.62). The scenario can be cancelled if the quotes rise over the resistance level of 7/8 (96.88), in which case they may rise to 8/8 (100.00).

On M15, further falling of the price may be supported by a breakaway of the lower line of VoltyChannel.

S&P 500

On H4, the quotes of the stock index are under the 200-day Moving Average, which signifies possible development of a downtrend. The RSI is testing the resistance line. In such circumstances, we should expect a downward breakaway of the support level of 1/8 (3906.2) and subsequent falling to 0/8 (3750.0). The scenario can be cancelled if the quotes rise over the resistance level of 2/8 (4062.5), which might lead to a trend reversal and growth of S&P 500 to 3/8 (4218.8).

On M15, a breakaway of the lower line of VoltyChannel will increase the probability of the price falling to 0/8 (3750.0) on H4.

Article By RoboForex.com

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