Murrey Math Lines 10.03.2023 (Brent, S&P 500)
Brent
On H4, the 200-day Moving Average has broken, and Brent quotes are now below it, which means they might develop a downtrend. However, the RSI has already reached the oversold area. As a result, we should expect a breakaway of 4/8 (81.25) upwards and growth of the price to the resistance level of 5/8 (82.81). The scenario can be cancelled by a downwards breakaway of the support at 3/8 (79.69), in which case Brent quotes will continue falling and might reach 2/8 (78.12).
On M15, price growth can additionally be supported by a breakaway of the upper border of the VoltyChannel indicator.
S&P 500
On H4, the S&P 500 index quotes and the RSI are in the oversold area, which points on a possible increase in the price. The quotes are expected to rise above 0/8 (3906.2) and then reach the resistance level of 2/8 (3984.4). The scenario can be cancelled by a downward breakaway of the support at -1/8 (3867.2). In this case, quotes might drop to -2/8 (3828.1).
On M15, a breakaway of the upper border of VoltyChannel will increase the probability of an increase in the price.
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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