Murrey Math Lines 10.02.2023 (Brent, S&P 500)

By RoboForex.com

Brent

On H4, Brent quotes are under the 200-day Moving Average, which indicates prevalence of a downtrend. The RSI is testing the support level. As a result, a bounce off 5/8 (82.81) downwards is expected, followed by falling to the support level of 4/8 (81.25). This scenario can be cancelled by rising over the resistance level of 6/8 (84.38), which might lead to a trend reversal and growth to the resistance level of 7/8 (85.94).

On M15, a new breakaway of the lower border of VoltyChannel will increase the probability of falling on H4.

S&P 500

On H4, the quotes of the index are above the 200-day Moving Average, which reveals prevalence of an uptrend. The RSI is nearing the oversold area. As a result, a test of 4/8 (4062.5) should be expected, followed by growth to the resistance level of 5/8 (4140.6). The scenario can be cancelled by a downward breakaway of the support level of 4/8 (4062.2). In this case, falling may continue, and the quotes may drop to 3/8 (3984.4).

On M15, the upper line of VoltyChannel is too far away from the current price, so growth will be indicated by a bounce off 4/8 (4062.2) on H4.

Article By RoboForex.com

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