Murrey Math Lines 23.12.2022 (Brent, S&P 500)

By RoboForex.com

BRENT

On H4, the quotes are under the 200-day Moving Average, which indicates prevalence of a downtrend. The RSI has exited the overbought area. A test of 2/8 (81.25) should be expected, followed by a breakaway and falling to the support level of 1/8 (78.12). 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 price growth to the resistance level of 4/8 (87.50).

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

S&P 500

On H4, the quotes have bounced off 0/8 (3750.0), which is the upper border of the oversold area. The RSI is testing the resistance line. The quotes are expected to rise above 1/8 (3906.2) and then reach the resistance level of 2/8 (4062.5). The scenario can be cancelled by a downward breakaway of the support level of 0/8 (3750.0). In this case, the S&P 500 index will continue falling, and the quotes might reach -1/8 (3593.8).

On M15, an additional signal confirming growth will be a breakaway of the upper border of VoltyChannel.

Article By RoboForex.com

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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.