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

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).

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

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).

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

Article By RoboForex.com

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