Murrey Math Lines 03.02.2023 (Brent, S&P 500)

By RoboForex.com

Brent

On H4, the quotes have broken through the 200-day Moving Average and are now below it, which indicates possible development of a downtrend. However, the RSI has reached the oversold area, which is a signal for a correction. So, a test of 4/8 (81.25) is expected, followed by a bounce off it and growth to the resistance level of 6/8 (84.38). The scenario can be cancelled by a downward breakaway of the support level of 4/8 (81.25). In this case, the quotes might drop to 2/8 (78.12).

On M15, the upper line of VoltyChannel is too far away from the current price, so growth of the quotes will be indicated by a bounce off 4/8 (81.25) on H4.

S&P 500

On H4, the quotes are above the 200-day Moving Average, which indicates prevalence of an uptrend. However, the RSI has reached the overbought area. In this case, a downward breakaway of 5/8 (4140.6) is expected, followed by falling to the support level of 4/8 (4062.5). The scenario can be cancelled by an upward breakaway of the resistance level of 6/8 (4218.8). In this case, the quotes should go on moving upwards and might reach 7/8 (4296.9).

On M15, an additional signal of a decline can be given by a breakaway of the lower border of VoltyChannel.

Article By RoboForex.com

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