Murrey Math Lines 26.05.2023 (Brent, S&P 500)
Brent
On H4, Brent quotes are testing the level of 0/8 (75.00) that acts as a support level for the price and the upper border of the oversold area. The RSI has rebounded from the support line. Currently, a rebound from 0/8 (75.00) is expected, followed by a rise to the resistance at 2/8 (81.25). The scenario can be cancelled by a downward breakout of the support at 0/8 (75.00). In this case, Brent quotes might drop to -1/8 (71.88).
On M15, a breakout of the upper line of the VoltyChannel will be an additional signal for price growth.
S&P 500
On H4, the quotes are above the 200-day Moving Average, which indicates the prevalence of an uptrend. The RSI is testing the resistance line. In this situation, the instrument is expected to rise above 5/8 (4160.2) and next, reach the resistance at 6/8 (4179.7). The scenario can be cancelled by a downward breakout of the support at 3/8 (4121.1), which might lead to a trend reversal and a decline of the S&P 500 to 1/8 (4082.0).
On M15, a breakout of the upper border of the VoltyChannel will increase the probability of a price increase to 6/8 (4179.7) 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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