Murrey Math Lines 24.05.2024 (Brent, S&P 500)

BRENT

Brent oil quotes broke through the 200-day Moving Average on D1 and are currently below it, suggesting the possibility of a downward trend. However, there is convergence on the RSI indicator, so a pullback from the 2/8 (81.25) level followed by a rise to the 3/8 (84.38) resistance level is expected. A breakout above the 1/8 (78.12) level could invalidate this scenario, leading to a potential decline to the 0/8 (75.00) support level.

On M15, a breakout above the upper line of the VoltyChannel would provide an additional signal supporting the price increase.

S&P 500

S&P 500 index quotes have remained above the 200-day Moving Average on D1, indicating a prevailing uptrend. The RSI indicator has breached the resistance line. In this scenario, the price is expected to exceed the 6/8 (5312.5) level and rise further to the 7/8 (5468.8) resistance level. A breakout below the 5/8 (5156.2) support level could invalidate this scenario, potentially leading to a decline to the 4/8 (5000.0) support level.

On M15, a breakout of the VoltyChannel upper line will increase the probability of a price rise.