Murrey Math Lines 29.03.2024 (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, a rebound from 4/8 (87.50) level is expected, followed by a rise towards the resistance at 5/8 (90.62). The scenario could be cancelled by a breakout of 3/8 (84.38), followed by a trend reversal and a decline to 2/8 (81.25).

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

S&P 500

The S&P 500 quotes are in the overbought area on D1. The RSI is testing the resistance line. In this situation, a test of +2/8 (5312.5) is expected, followed by a rebound from this level and a price decline to the support at 8/8 (5000.00). The scenario could be cancelled by a rebound from +2/8 (5312.5), which might lead to the reshuffling of the Murrey indication, after which new price targets will be set.

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