Murrey Math Lines 19.04.2024 (Brent, S&P 500)

Brent

Brent quotes are above the 200-day Moving Average on D1, indicating the prevalence of an uptrend. The RSI has rebounded from the support line. As a result, in this situation, a test of 5/8 (90.62) is expected, followed by a breakout of this level and a price rise to the resistance at 6/8 (93.75). The scenario could be cancelled by a breakout of the 4/8 (87.50) level. In this case, the quotes could drop to the support at 3/8 (84.38).

On M15, the upper boundary of the VoltyChannel is broken, which increases the probability of a further price rise.

S&P 500

S&P 500 quotes are above the 200-day Moving Average on D1, indicating the prevalence of an uptrend. The RSI has reached the oversold area. In this situation, the quotes are expected to rise above 0/8 (5000.0), rising to the resistance level of +1/8 (5156.2) afterwards. The scenario could be cancelled by breaking the 7/8 (4843.8) level, in which case the price might continue declining and reach the support at 6/8 (4687.5).

On M15, the price rise might be additionally supported by a breakout of the upper boundary of the VoltyChannel.