Murrey Math Lines 23.06.2023 (Brent, S&P 500)
Brent
Brent quotes are under the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI has broken the support line. In this situation, a breakout of 3/8 (73.44) is expected, followed by a decline to the support at 2/8 (71.88). The scenario can be cancelled by rising above the resistance at 4/8 (75.00). In this case, Brent quotes might rise to 5/8 (76.56).
On M15, the lower line of the VoltyChannel is broken. This indicates a high probability of a further price decline.
S&P 500
S&P 500 quotes broke the level of 8/8 (4375.0) downwards on H4 and escaped the overbought area. The RSI has rebounded from the resistance line. As a result, a test of the support at 7/8 (4335.9) is expected, followed by a breakout and a decline to 6/8 (4296.9). The scenario can be cancelled by a new upward breakout of the resistance at 8/8 (4375.0). In this case, the growth of the S&P 500 index might start again, and the quotes could reach +1/8 (4414.1).
On M15, a further price decline might be supported by a breakout of the lower line of the VoltyChannel.
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