Murrey Math Lines 17.02.2023 (Brent, S&P 500)

Brent

On H4, the quotes have broken through the 200-day Moving Average and are now below it, which indicates possible development of a downtrend. The RSI has bounced off the resistance line. As a result, further falling of the price to the nearest support of 5/8 (82.81) is expected. The scenario can be cancelled by rising above the resistance level of 6/8 (84.38). In this case the pair may rise to 7/8 (85.94).

On M15, the lower line of VoltyChannel is broken away, which increases the probability of further falling.

S&P 500

On H4, the quotes are above the 200-day Moving Average, revealing prevalence of an uptrend. The RSI is nearing the support level. In this situation, a test of 4/8 (4062.5) is expected, followed by a bounce off it and growth to the resistance level of 5/8 (4140.6). The scenario can be cancelled by a downward breakaway of 4/8 (4062.2). In this case, the S&P 500 index should continue falling, 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, which mean growth can only be supported by a bounce off 4/8 (4062.5) on H4.