Murrey math lines: Brent, S&P 500
Brent
Brent quotes have broken the 8/8 (93.75) level, escaping the overbought area. The RSI has broken the support line. In this situation, a downward breakout of 7/8 (92.19) could be expected, followed by a decline to the support at 6/8 (90.62). The scenario can be cancelled by rising above the 8/8 (93.75) level. In this case, the quotes might start growing again, and the price could reach +1/8 (95.31).
On M15, the lower boundary of the VoltyChannel has broken. This happening increases the probability of a price decline.
S&P 500
The S&P 500 quotes are below the 200-day Moving Average on H4, indicating the prevalence of a downtrend. The RSI has broken the resistance line. A test of 3/8 (4335.9) is expected in this situation, followed by a rebound from this level and a decline to the support at 1/8 (4257.8). The scenario can be cancelled by rising above the resistance level of 3/8 (4335.9). In this case, the S&P 500 index quotes could reach the 4/8 (4375.0) level.
On M15, after a rebound from 3/8 (4335.9), a further price drop could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
Author
RoboForex Team
RoboForex
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.
