Murrey Math Lines 30.06.2023 (Brent, S&P 500)
Brent
Brent quotes on H4 are under the 200-day Moving Average, which indicates the prevalence of a downtrend. The RSI is testing the resistance line. In this situation, a rebound from 4/8 (75.00) 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), which might lead to a trend reversal and make Brent quotes grow to 5/8 (76.56).
On M15, a further price decline could be additionally supported by a breakout of the lower border of the VoltyChannel.
S&P 500
The S&P 500 index quotes are in the overbought area on H4. The RSI is nearing its overbought area. As a result, a test of +1/8 (4141.1) is expected, followed by a rebound from it and a decrease to the support level of 7/8 (4335.9). The scenario can be cancelled by rising above the resistance at +1/8 (4141.1). In this case, the stock index could continue growing and reach the level of +2/8 (4453.1).
On M15, a breakout of the lower line of the VoltyChannel will increase the probability of a price decline to 7/8 (4335.9) 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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