Murrey Math Lines 11.08.2023 (Brent, S&P 500)

By RoboForex.com

BRENT

Brent quotes are above the 200-day Moving Average on H4, indicating a prevailing uptrend. The RSI is testing the support line. In these circumstances, the quotes are expected to break the 4/8 (87.50) level and reach the resistance level at 5/8 (90.62). The scenario can be cancelled by a downward breakout of the support at 3/8 (84.38). In this case, the quotes could drop to 2/8 (81.25).

On M15, price growth might be additionally supported by a breakout of the upper line of the VoltyChannel.

S&P 500

S&P 500 quotes have broken the 200-day Moving Average on H4 and are now below it, which indicates a potential downtrend. The RSI has rebounded from the resistance line. In this situation, the price is expected to test the 2/8 (4453.1) level, break it, and fall to the support at 1/8 (4414.1). The scenario can be cancelled by a breakout of the resistance at 3/8 (4492.2). In this case, the S&P 500 index could return to 4/8 (4531.2).

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

Article By RoboForex.com

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