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

February 3, 2023

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.

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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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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.

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