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Murrey Math Lines 31.05.2024 (Brent, S&P 500)

Brent

Brent crude oil quotes are below the 200-day Moving Average on D1, indicating a prevailing downtrend. The RSI has crossed the support line. In this situation, the price is expected to break through the 2/8 (81.25) level and subsequently fall to the 1/8 (78.12) support level. A breakout above the 3/8 (84.38) level could invalidate this scenario, leading to a trend reversal and a rise in quotes to the 4/8 (87.50) resistance level.

Murrey Math Lines 31.05.2024 Brent
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the lower line of the VoltyChannel indicator is breached, increasing the probability of a price decline.

Murrey Math Lines 31.05.2024 Brent
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

S&P 500 index quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. The RSI is testing the support line. In this situation, the price is expected to surpass the 6/8 (5312.5) level and rise further to the 7/8 (5468.8) resistance level. A breakout below the 5/8 (5156.2) level could invalidate this scenario, potentially causing the quotes to drop to the 4/8 (5000.0) support level.

Murrey Math Lines 31.05.2024 S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, a breakout of the upper line of the VoltyChannel indicator will provide an additional signal for a price increase.

Murrey Math Lines 31.05.2024 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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