Murrey Math Lines 10.02.2023 (Brent, S&P 500)
Brent
On H4, Brent quotes are under the 200-day Moving Average, which indicates prevalence of a downtrend. The RSI is testing the support level. As a result, a bounce off 5/8 (82.81) downwards is expected, followed by falling to the support level of 4/8 (81.25). This scenario can be cancelled by rising over the resistance level of 6/8 (84.38), which might lead to a trend reversal and growth to the resistance level of 7/8 (85.94).
On M15, a new breakaway of the lower border of VoltyChannel will increase the probability of falling on H4.
S&P 500
On H4, the quotes of the index are above the 200-day Moving Average, which reveals prevalence of an uptrend. The RSI is nearing the oversold area. As a result, a test of 4/8 (4062.5) should be expected, followed by growth to the resistance level of 5/8 (4140.6). The scenario can be cancelled by a downward breakaway of the support level of 4/8 (4062.2). In this case, falling may continue, and the quotes may drop to 3/8 (3984.4).
On M15, the upper line of VoltyChannel is too far away from the current price, so growth will be indicated by a bounce off 4/8 (4062.2) on H4.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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