Murrey Math Lines 18.11.2022 (Brent, S&P 500)

By RoboForex.com

BRENT

On H4, the quotes are under the 200-day Moving Average, which indicates prevalence of the downtrend. The RSI is nearing the oversold area. Currently, we should expect a test of 1/8 (89.06), a breakaway of it, and falling to the support level of 0/8 (87.50). The scenario can be cancelled by rising over the resistance level of 2/8 (90.62). In this case, the quotes might rise to 3/8 (92.19).

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 quotes have bounced off the 200-day Moving Average and are now beneath it, which indicates the prevalence of a downtrend. The RSI is testing the resistance line. Currently, we expect the price to break through the support level of 1/8 (3906.2) downwards and fall to 0/8 (3750.0). The scenario can be cancelled by rising over the resistance level of 2/8 (4062.5). This might lead to a trend reversal and growth of the index quotes to 3/8 (4218.8).

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

Article By RoboForex.com

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