Murrey Math Lines 10.03.2023 (Brent, S&P 500)

By RoboForex.com

Brent

On H4, the 200-day Moving Average has broken, and Brent quotes are now below it, which means they might develop a downtrend. However, the RSI has already reached the oversold area. As a result, we should expect a breakaway of 4/8 (81.25) upwards and growth of the price to the resistance level of 5/8 (82.81). The scenario can be cancelled by a downwards breakaway of the support at 3/8 (79.69), in which case Brent quotes will continue falling and might reach 2/8 (78.12).

On M15, price growth can additionally be supported by a breakaway of the upper border of the VoltyChannel indicator.

S&P 500

On H4, the S&P 500 index quotes and the RSI are in the oversold area, which points on a possible increase in the price. The quotes are expected to rise above 0/8 (3906.2) and then reach the resistance level of 2/8 (3984.4). The scenario can be cancelled by a downward breakaway of the support at -1/8 (3867.2). In this case, quotes might drop to -2/8 (3828.1).

On M15, a breakaway of the upper border of VoltyChannel will increase the probability of an increase in the price.

Article By RoboForex.com

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