Murrey Math Lines 03.03.2023 (Brent, S&P 500)
BRENT
On H4, the quotes have broken through the 200-day Moving Average and are now above it, revealing possible development of an uptrend. The RSI is testing the support level. As a result, we are to expect an upward breakaway of 6/8 (84.38), followed by growth to the resistance level of 8/8 (87.50). The scenario can be cancelled by a downward breakaway of the support level of 5/8 (82.81). In this case, the pair may return to 4/8 (81.25).
On M15, the upper line of VoltyChannel is broken away, which increases the probability of further growth of the price.
S&P 500
On H4, the quotes are under the 200-day Moving Average, which indicates prevalence of a downtrend. The RSI has pushed off the resistance line. A test of 1/8 (3945.3) is expected, followed by a breakaway and decline to the support level of 0/8 (3906.2). The scenario can be cancelled by rising above the resistance level of 2/8 (3984.4). In this case, the index may rise to 3/8 (4023.4).
On M15, the decline can additionally be confirmed by a breakaway of the lower border of VoltyChannel.
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