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Murrey Math Lines 17.05.2024 (Brent, S&P 500)

Brent

Brent quotes have broken below the 200-day Moving Average on D1, indicating the potential development of a downtrend. However, convergence has formed on the RSI. As a result, in this situation, the price is expected to surpass the 3/8 (84.38) level and rise to the resistance at 4/8 (87.50). The scenario could be cancelled by breaking below the 2/8 (81.25) level. In this case, Brent quotes might decline to the support at 1/8 (78.12).

Murrey Math Lines 17.05.2024 Brent
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the upper line of the VoltyChannel is broken, which increases the probability of a price rise.

Murrey Math Lines 17.05.2024 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 D1, indicating a prevailing uptrend. However, the RSI has reached the overbought area. As a result, in this situation, the price is expected to rebound from the 6/8 (5312.5) level and fall to the support at 5/8 (5156.2). The scenario could be cancelled by rising above 6/8 (5312.5). In this case, the S&P 500 quotes might reach the 7/8 (5468.8) resistance level.

Murrey Math Lines 17.05.2024 S&P500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the price decline could be additionally supported by a breakout of the lower line of the VoltyChannel.

Murrey Math Lines 17.05.2024 S&P500
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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