Murrey Math Lines 15.03.2024 (Brent, S&P 500)

Brent

Brent quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. However, the RSI is in the overbought area. As a result, in this situation, a breakout of the 6/8 (84.71) level is expected, followed by a decline to the support at 5/8 (82.81). The scenario could be cancelled by rising above 7/8 (85.94), in which case Brent quotes might continue growth, reaching the resistance at 8/8 (87.50).

On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.

S&P 500

The S&P 500 quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. The RSI is testing the support line. In this situation, a rebound from the 6/8 (5156.2) is expected, followed by a price rise to the resistance at 7/8 (5234.4). The scenario could be cancelled by a breakout of the 6/8 (5156.2) level, in which case, the index might drop to the support at 5/8 (5078.1).

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