Murrey Math Lines 11.11.2022 (Brent, S&P 500)
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.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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