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

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).

Murrey Math Lines 11.08.2023 BRENT H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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

Murrey Math Lines 11.08.2023 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 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).

Murrey Math Lines 11.08.2023 S&P 500_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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

Murrey Math Lines 11.08.2023 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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