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Murrey math lines: Brent, S&P 500 [Video]

Brent

Brent quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. However, the RSI is in the overbought area. As a result, in this situation, the price is expected to rebound from the 5/8 (90.62) level and drop to the support at 4/8 (87.50). The scenario could be cancelled by breaking above the 5/8 (90.62) level. In this case, Brent quotes could maintain their upward trajectory, potentially reaching the resistance at 6/8 (93.75).

Brnet

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

Brent

S&P 500

S&P 500 quotes remain in the overbought area on D1. The RSI has broken the support line. In this situation, the price is expected to break below the +1/8 (5156.2) level and fall to the support at 8/8 (5000.00). The scenario could be cancelled by rising above +2/8 (5312.5), which might reshuffle the Murrey indication, setting new price movement targets.

SP 500

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

SP 500

Author

RoboForex Team

RoboForex Team is a group of professional financial experts with high experience on financial market, whose main purpose is to provide traders with quality and up-to-date market information.

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