Murrey Math Lines 24.03.2023 (Brent, S&P 500)

By RoboForex.com

Brent

On H4, Brent quotes are under the 200-day Moving Average, revealing the prevalence of a downtrend. The RSI has broken the support line. In such circumstances, we should expect 0/8 (75.00) to break and the price to go down to the support at -1/8 (71.88). The scenario can be canceled if the price grows to the resistance at 2/8 (81.25).

On M15, a new breakaway of the lower line of the VoltyChannel indicator will increase the probability of further falling of the price.

S&P 500

A similar situation has formed on the S&P 500 chart. On H4, the quotes are under the 200-day Moving Average, while the RSI has broken the support line. As a result, we expect the level of 1/8 (3945.3) to break and the price to fall to the support level of -1/8 (3867.2). The scenario can be canceled if the price rises above the resistance at 2/8 (3984.4), which might lead to a trend reversal and growth of the S&P 500 index to 3/8 (4023.4).

On M15, the decline in the price can be additionally supported by a breakaway of the lower line 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.