Home Market Murrey Math Lines 09.12.2022 (Brent, S&P 500)

Murrey Math Lines 09.12.2022 (Brent, S&P 500)

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By RoboForex.com

BRENT

Brent oil quotes on H4 are below the 200 day Moving Average, which is indicative of a downtrend. The RSI is however already in the oversold region. The test of 0/8 (75.00) is to be expected. The bounce off it should be followed by growth up to the resistance level. 2/8 (81.25). A downward breakaway from the support level can cancel this scenario 0/8 (75.00). The quotes could fall to -1/8 (71.88).


Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The upper VoltyChannel line at M15 is too far from the current price. This means that growth in the quotes will only be possible through a bounce off 0/8 H4.

BRENT_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

On H4, the S&P 500 quotes have dropped under the 200-day Moving Average again, indicating a downtrend. The resistance line is being tested at the RSI. The support level of RSI is expected to break down in the final. 1/8 Expect to fall to (3906.22) and then to (3906.22). 0/8 (3750.0). This scenario can be canceled by increasing the resistance level to 2/8 (4062.5). This could result in a trend reversal or growth of the quotes 3/8 (4218.8).

S&P 500_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

A bounce off the VoltyChannel’s lower line will also confirm the decline on M15.

S&P 500_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Article by RoboForex.com

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