Murrey Math Lines 27.01.2023 (Brent, S&P 500)

By RoboForex.com

Brent

On H4, the quotes are above the 200-day Moving Average, which indicates prevalence of an uptrend. The RSI has broken through the resistance line. The quotes are now expected to rise above 8/8 (87.50) and later reach the resistance level of +2/8 (90.62). The scenario can be cancelled by a downward breakaway of the support level of 7/8 (85.94). In this case, the quotes may drop to 5/8 (82.81).

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

S&P 500

On H4, the quotes are above the 200-day Moving Average, which indicates an uptrend. A divergence has formed on the RSI, being a signal for a correction to start. As a result, a bounce off 4/8 (4062.5) should be expected, followed by falling of the support level of 2/8 (3906.2). The scenario can be cancelled by an upwards breakaway of the resistance level. In this case, the quotes might keep growing and reach 5/8 (4141.6).

On M15, an additional signal confirming the decline will be a breakaway of the lower border of VoltyChannel.

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.