Murrey Math Lines 01.12.2023 (Brent, S&P 500)



Brent quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is testing the support line. In this situation, a test of 1/8 (78.12) is expected, followed by a breakout of this level and a decline to the support at 0/8 (75.00). The scenario could be cancelled by rising above the resistance at 2/8 (81.25), which might lead to a price growth to 3/8 (84.28).

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

S&P 500

The S&P 500 index quotes are above the 200-day Moving Average, increasing the probability of an uptrend. The RSI has rebounded from the support line. As a result, in these circumstances, the quotes are expected to rise above 7/8 (4609.4), followed by an increase to the resistance level of 8/8 (4687.5). The scenario could be cancelled by a downward breakout of the support at 6/8 (4531.2). In this case, the S&P 500 index might drop to 5/8 (4453.1).

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

Source: Roboforex

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