Murrey Math Lines 20.01.2023 (Brent, S&P 500)

January 20, 2023

By RoboForex.com

Brent

On H4, the quotes are above the 200-day Moving Average, implying an uptrend. The RSI has risen above the resistance line. A breakaway of 8/8 (87.50) upwards should be expected, followed by growth to the resistance line of +1/8 (89.06). The scenario can be cancelled by a downward breakaway of the support level at 6/8 (84.38), which might lead to a trend reversal and falling to 4/8 (81.25).

BrentH4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the upper line of VoltyChannel is broken away, which indicates an uptrend and increases the probability of further growth.

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


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S&P 500

On H4, the S&P 500 index quotes has broken through the 200-day Moving Average and are now under it, which indicates probable development of a downtrend. The RSI is nearing the resistance level. As a result, a bounce off 2/8 (3906.2) should be expected, followed by falling to the support level of 1/8 (3828.1). The scenario can be cancelled by rising over 3/8 (3984.4). In this case, the quotes might rise to the resistance level of 4/8 (4062.5).

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

On M15, the lower line of VoltyChannel is broken, which increases the probability of further falling of the price.

S&P500_M15

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.