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Murrey Math Lines 08.12.2023 (Brent, S&P 500)

Brent

Brent quotes and the RSI have reached their respective oversold areas on H4. In this situation, the instrument is expected to rise above 0/8 (75.0), subsequently reaching the resistance line at 1/8 (78.12). The scenario could be cancelled by a downward breakout of the support at -1/8 (71.88). In this case, the quotes could drop to the -2/8 (68.75) mark.

Murrey Math Lines 08.12.2023 Brent
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, an additional signal confirming the price rise could be a breakout of the upper boundary of the VoltyChannel.

Murrey Math Lines 08.12.2023 Brent
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

S&P 500 quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI has broken the resistance line. In this situation, the instrument is expected to rise above 7/8 (4609.4) and later reach the resistance at 8/8 (4687.5). The scenario could be cancelled by a downward breakout of 6/8 (4531.2). In this case, the index might drop to the 5/8 (4453.1) level.

Murrey Math Lines 08.12.2023 S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the upper boundary of the VoltyChannel is broken. This development increases the probability of a further price rise.

Murrey Math Lines 08.12.2023 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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