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Murrey Math Lines 04.08.2023 (Brent, S&P 500)

Brent

Brent quotes are hovering above the 200-day Moving Average on H4, indicating a prevailing uptrend. The RSI has broken the resistance line. As a result, in this situation, the price is expected to grow further to the nearest resistance at 4/8 (87.50). The scenario can be cancelled by a downward breakout of the support at 3/8 (84.38). In this case, the Brent quotes could return to 2/8 (81.25).

Murrey Math Lines 04.08.2023 BrentH4
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 has been broken, which increases the probability of a further price rise.

Murrey Math Lines 04.08.2023 Brent_M15
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, which indicates a prevailing uptrend. The RSI is nearing the resistance line. Currently, the price is expected to test the 4/8 (4531.2) level, rebound from it and decline to the support at 2/8 (4453.1). The scenario can be cancelled by a breakout of the resistance at 4/8 (4531.2). In this case, the S&P 500 index could continue to rise and reach 5/8 (4570.3).

Murrey Math Lines 04.08.2023 S&P 500_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, after the price tests the 4/8 (4531.2) level, an additional signal for the price to fall could be a breakout of the lower boundary of the VoltyChannel.

Murrey Math Lines 04.08.2023 S&P 500_M15
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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