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Murrey Math Lines 03.03.2023 (Brent, S&P 500)

03.03.2023

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).

BRENTH4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the upper line of VoltyChannel is broken away, which increases the probability of further growth of the price.

BRENT_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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).

S&P 500_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the decline can additionally be confirmed by a breakaway of the lower border of VoltyChannel.

S&P 500_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.


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