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Murrey Math Lines 22.12.2023 (Brent, S&P 500)

Brent

Brent quotes are on the 200-day Moving Average on H4, which points on the lack of any trend. The RSI has rebounded from the support line. The RSI has rebounded from the support line. In this situation, a further rise to the nearest resistance level of 4/8 (81.25) is expected. The scenario could be cancelled by a downward breakout of 2/8 (78.12), in which case, Brent quotes might drop to the support level of 1/8 (76.56).

Murrey Math Lines 22.12.2023 Brent
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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

Murrey Math Lines 22.12.2023 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 are in the overbought area on H4. The RSI is testing the resistance line. In this situation, a test of 1/8 (4765.6) is expected, followed by a rebound from it and a decline to the support at 7/8 (4609.4). The scenario could be cancelled by rising above 1/8 (4765.6), in which case, the S&P 500 index growth might continue, reaching the resistance at 2/8 (4843.8).

Murrey Math Lines 22.12.2023 S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, after a rebound from 1/8 (4765.6), the decline could be supported by a breakout of the lower boundary of the VoltyChannel.

Murrey Math Lines 22.12.2023 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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