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

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).

On M15, the upper line of the VoltyChannel is broken, which increases the probability of a rise to 6/8 (78.12) on H4.

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).

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

Article By RoboForex.com

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