Murrey Math Lines 14.07.2023 (Brent, S&P 500)
Brent
Brent quotes and the RSI have reached their corresponding overbought areas on H4. As a result, a test of 7/8 (79.69) is expected, followed by a breakout of the level and a decline to the support at 6/8 (78.12). The scenario can be cancelled by a rise above the resistance at +1/8 (82.81). In this case, the quotes could continue increasing to +2/8 (84.38).
On M15, the price decline might additionally be supported by a breakout of the lower boundary of the VoltyChannel.
S&P 500
At the S&P 500 index chart, the situation is similar. The index quotes and the RSI are in their overbought areas. In this situation, a decline of the index to the nearest support level of +1/8 (4453.1) is expected. The scenario can be cancelled by rising above the resistance at +2/8 (4531.2), which will make the Murrey indication reshuffle, after which new price targets could be set.
On M15, a breakout of the lower line of the VoltyChannel will increase the probability of a price decline to +1/8 (4453.1) on H4.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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