Murrey Math Lines 13.01.2023 (Brent, S&P 500)
BRENT
On H4, the quotes have broken through the 200-day Moving Average and are now below it, indicating possible development of a downtrend. The RSI is nearing the support level. The quotes are expected to rise above 6/8 (84.38) and then grow 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 quotes may drop to 3/8 (79.69).
On M15, the upper line of VoltyChannel is broken away, which confirms the uptrend and increases the probability of further price growth.
S&P 500
On H4, the quotes of the index are above the 200-day Moving Average, which indicates prevalence of an uptrend. The RSI is testing the ascending trendline that acts as the price support. In the end, we should expect the quotes to rise above 3/8 (3984.4) and next — reach the resistance level of 4/8 (4062.5). The scenario can be cancelled by a downward breakaway of the support level of 2/8 (3906.2), which might lead to a trend reversal and falling of the index to 1/8 (3828.1).
On M15, an additional signal confirming price growth will be a breakaway of the upper border of VoltyChannel.
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