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Murrey Math Lines 02.02.2024 (Brent, S&P 500)

Brent

Brent quotes have broken below the 200-day Moving Average on H4, indicating the potential development of a downtrend. However, the RSI is approaching the oversold area. As a result, in this situation, the price is expected to test the 2/8 (78.12) level, rebound from it, and rise to the resistance at 3/8 (79.69). The scenario could be cancelled by rising above the 3/8 (79.69) level. In this case, the quotes might climb to the resistance at 4/8 (81.25).

Murrey Math Lines 02.02.2024 Brent
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, following a rebound from the 2/8 (78.12) level on H4, the price rise could be additionally supported by a breakout of the upper line of the VoltyChannel.

Murrey Math Lines 02.02.2024 Brent
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

S&P 500 quotes are above the 200-day Moving Average on H4, indicating a prevailing uptrend. The RSI has broken the resistance level. In this situation, the quotes are expected to climb further to 8/8 (5000.0). The scenario could be cancelled by a downward breakout of the support level at 7/8 (4921.9). In this case, the S&P 500 index could drop to 6/8 (4843.8).

Murrey Math Lines 02.02.2024 S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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

Murrey Math Lines 02.02.2024 S&P 500
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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