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Murrey Math Lines 07.06.2024 (Brent, S&P 500)

7 june 2024 - Fx4News

Brent

Brent crude oil quotes are below the 200-day Moving Average on D1, indicating a prevailing downtrend. The RSI is approaching the resistance line. In this situation, the price is expected to test the 2/8 (81.25) level, rebound, and fall to the support at 0/8 (75.00). Surpassing the 2/8 (81.25) level could invalidate this scenario, propelling the quotes to the resistance at 3/8 (84.38).

Brent
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, a breakout of the VoltyChannel lower line will provide an additional signal for a price decline.

Brent
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

S&P 500 quotes are in the overbought area on D1, with divergence on the RSI. In this situation, the price is expected to breach the +1/8 (5312.5) level and decline to the 8/8 (5000.0) support level. The scenario could be cancelled by a breakout of the +2/8 (5625.0) level, which might reshuffle the Murrey indication, setting new price movement targets.

S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, a breakout of the VoltyChannel lower line will increase the probability of a price decline.

S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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