Murrey Math Lines 28.07.2023 (Brent, S&P 500)
Brent
Brent quotes are in the overbought area on H4. The RSI has formed a divergence. As a result, in this situation a downward breakout of +1/8 (82.81) is expected, followed by a decline to the support level of 7/8 (79.69). The scenario can be cancelled by rising above the resistance at +2/8 (84.38), which will reshuffle the Murray lines so that new price targets could be set.
On M15, the decline could be additionally confirmed by a breakout of the lower boundary of the VoltyChannel.
S&P 500
S&P 500 quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is nearing the support line. Currently, a rebound from 2/8 (4531.2) is expected, followed by a rise to the resistance at 3/8 (4609.8). The scenario can be cancelled by a downward breakout of the support at 2/8 (4531.2). In this case, the index could correct to 1/8 (4453.1).
On M15, the upper boundary of the VoltyChannel is too far from the current price, so the beginning of price growth could be indicated by a rebound off 2/8 (4531.2) 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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