Murrey Math Lines 26.04.2024 (Brent, S&P 500)

Brent

Brent quotes are above the 200-day Moving Average on D1, which indicates the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, the quotes are expected to rise above 5/8 (90.62), after which they might reach the resistance at 6/8 (93.75). The scenario could be cancelled by breaching the 4/8 (87.50) level. In this case, Brent 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

The S&P 500 quotes are in the overbought area, while the RSI is approaching the resistance line. In this situation, a test of +1/8 (5156.2) is expected, after which the quotes could rebound from this level and drop to the support at 7/8 (4843.8). The scenario might be cancelled by a breakout of the +1/8 (5156.2) level, in which case the S&P 500 quotes could rise to the resistance at +2/8 (5312.5).

On M15, after a rebound from +1/8 (5156.2) on D1, the price decline might be additionally supported by a breakout of the lower boundary of the VoltyChannel.