Murrey Math Lines 08.09.2023 (Brent, S&P 500)
Brent
Brent crude oil quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI have broken the support line. In this situation, a test of 4/8 (87.50) is expected, followed by a rebound from this level and a rise to the resistance at 6/8 (90.62). The scenario can be cancelled by a breakout of 5/8 (89.06). In this case the quotes could aim at the resistance at 6/8 (90.62).
On M15, after a rebound from 4/8 (87.50), the price rise could be additionally confirmed a breakout of the upper boundary of the VoltyChannel.
S&P 500
S&P 500 quotes have broken the 200-day Moving Average and rest below it, which indicates a probable development of a downtrend. The RSI is testing the resistance level. In these circumstances, a rebound from 2/8 (4453.1) is expected, followed by a drop to the support level of 1/8 (4414.1). The scenario can be cancelled by rising above the resistance at 2/8 (4453.1). In this case, the instrument could return to 3/8 (4492.)
On M15, the lower boundary of the VoltyChannel is broken, which increases the probability of a further price drop.
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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