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Murrey Math Lines 15.09.2023 (Brent, S&P 500)

15.09.2023

Brent

Brent crude oil quotes and the RSI on H4 are in their respective overbought areas. In this situation, a downward breakout of 8/8 (93.75) is expected, followed by a decline to the support at 6/8 (90.62). The scenario can be cancelled by an upward breakout of +1/8 (95.31). In this case, the quotes could aim at the resistance at +2/8 (96.88).

Brent_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the lower boundary of the VoltyChannel is too far from the current price, so the decline might only be supported by a downward breakout of 8/8 (93.75) on H4.

Brent_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

On H4, the S&P 500 index quotes are above the 200-day Moving Average, indicating the prevalence of an uptrend. However, the RSI has already reached the overbought area. As a result, in these circumstances, a test of 4/8 (4531.2) is expected, followed by a rebound from this level and a decline to the support at 3/8 (4492.2). The scenario can be cancelled by rising above the resistance level of 4/8 (4453.1). In this case, the S&P 500 could continue growing and reach 5/8 (4570.3).

S&P500_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the lower boundary of the VoltyChannel is too far from the current price, so the decline might only be supported by a rebound from 4/8 (4531.2) on H4.

S&P500_M15
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. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.

The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.