Murrey Math Lines 16.12.2022 (Brent, S&P 500)

By RoboForex.com

BRENT

On H4, Brent quotes are under the 200-day Moving Average, which indicates a downtrend. The RSI has broken through the descending trendline. In this situation, further falling to the support level of 1/8 (78.12) is expected. The scenario can be cancelled by an upwards breakaway of the resistance level of 3/8 (84.38), which might lead to a trend reversal and growth to the resistance level of 4/8 (87.50).

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

S&P 500

On H4, the quotes have dropped under the 200-day Moving Average, indicating the prevalence of a downtrend. The RSI has broken through the support level downwards. As a result, further falling of the quotes to 0/8 (3750.0) is expected. 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 to 3/8 (4218.8).

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

Article By RoboForex.com

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