Murrey Math Lines 18.08.2023 (Brent, S&P 500)
Brent
Crude oil quotes are above the 200-day Moving Average on H4, which reveals the prevalence of an uptrend. The RSI is testing the resistance line. In this situation, the quotes are expected to rise above 3/8 (84.38), later reaching the resistance level of 4/8 (87.50). The scenario can be cancelled by a downward breakout of the support at 2/8 (81.25), which could lead to a trend reversal and a price drop to 1/8 (78.12).
On M15, an additional signal confirming the rise might be a breakout of the upper boundary of the VoltyChannel.
S&P 500
The stock index quotes and the RSI are in their corresponding oversold areas on H4. In this case, the quotes are expected to rise above 0/8 (4375.9), later reaching the resistance level of 1/8 (4414.1). The scenario can be cancelled by a downward breakout of the support at -1/8 (4335.9). In this case, the S&P 500 might drop to -2/8 (4296.9).
On M15, the upper boundary of the VoltyChannel is too far away from the current price, which means price growth can only be indicated by an upward breakout of 0/8 (4375.9) 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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