Murrey Math Lines 21.07.2023 (Brent, S&P 500)
Brent
Brent quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is testing the resistance line. In this situation, a test of 8/8 (81.25) is expected, followed by a breakout of this level and a rise to the resistance at +1/8 (82.81). The scenario can be cancelled by a downward breakout of the support at 7/8 (79.69). In this case, the quotes could return to 6/8 (78.12).
On M15, the growth of the quotes might be additionally supported by a breakout of the upper boundary of the VoltyChannel.
S&P 500
The S&P 500 index quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is testing the support line. In this situation, further growth to the nearest resistance at 7/8 (4609.8) is expected. The scenario can be cancelled by a downward breakout of the support at 6/8 (4531.2). In this case, the S&P 500 index could correct to 5/8 (4453.1).
On M15, a breakout of the upper line of the VoltyChannel might increase the probability of a price rise to 7/8 (4609.8) on H4.
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