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Murrey Math Lines 10.11.2023 (Brent, S&P 500)

Brent

Brent quotes are in the oversold area on H4, while the RSI has broken the resistance line. In this situation, a test of 0/8 (81.25) is expected, followed by a breakout of this level and a rise to the resistance at 2/8 (84.38). The scenario can be cancelled by a downward breakout of the support level at -1/8 (79.69). In this case, Brent quotes could drop to the -2/8 (78.12) level.

Murrey Math Lines 10.11.2023 Brent
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, a further price rise might be additionally supported by a breakout of the upper boundary of the VoltyChannel.

Murrey Math Lines 10.11.2023 Brent
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

The S&P 500 quotes have broken the 8/8 (4375.0) level on H4, exiting the overbought area. The RSI has broken the support line. In this situation, a test of 7/8 (4296.9) is expected, followed by a price decline to the support at 6/8 (4218.8). The scenario can be cancelled by rising above the resistance at 8/8 (4375.0). In this case, the S&P 500 could continue growing and reach the 1/8 (4453.1) level.

Murrey Math Lines 10.11.2023 S&P_500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the lower boundary of the VoltyChannel is broken, which increases the probability of a further price decline.

Murrey Math Lines 10.11.2023 S&P_500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.


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