Murrey Math Lines 31.03.2023 (Brent, S&P 500)

By RoboForex.com

Brent

On H4, Brent quotes are under the 200-day Moving Average, which indicates the prevalence of a downtrend. The RSI is testing the resistance line. In this circumstances, we expect a downward breakout of 1/8 (78.12) and falling to the support at 0/8 (75.00). The scenario can be canceled by rising above 2/8 (81.25), which might lead to a trend reversal and growth to the resistance level of 3/8 (84.38).

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

S&P 500

On H4, the quotes of the S&P 500 index have broken the 200-day Moving Average and are now above it, which indicates a probable development of the uptrend. However, the RSI has reached the overbought area. As a result, in such a situation, a rebound from the level of 4/8 (4062.5) is expected, after which the price could fall to the support at 3/8 (3984.4). The scenario can be canceled by rising above the resistance at 4/8 (4062.5). In this case, the growth of the S&P 500 index will continue, and the index could reach 5/8 (4140.6).

On M15, further price falling can be supported by a breakout of the lower border of VoltyChannel.

Article By RoboForex.com

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