07 Jul

Murrey Math Lines 07.07.2023 (Brent, S&P 500)

July 7, 2023

By RoboForex.com

Brent

Brent quotes have broken the 200-day Moving Average on H4 and are now above it, indicating a probable development of an uptrend. The RSI has rebounded from the support line. In this situation, further growth to the resistance level of 6/8 (78.12) is to be expected. The scenario can be cancelled by a downward breakout of 4/8 (75.00). In this case, the quotes could drop to the support of 3/8 (73.44).

Brent_H4
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 rise to 6/8 (78.12) on H4.

Brent_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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S&P 500

S&P 500 quotes remain in the overbought area on H4. The RSI is testing the resistance line. In this situation, a test of 8/8 (4375.0) is expected, followed by a breakout and a drop to the support at 7/8 (4296.9). The scenario can be cancelled by a rise above the resistance level of +1/8 (4453.1). In this case, the quotes could continue growing and reach +2/8 (4531.2).

S&P500_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the lower line of the VoltyChannel is broken, which increases the probability of a price decline.

S&P500_M15

Article By RoboForex.com

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


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