Murrey Math Lines 04.08.2023 (Brent, S&P 500)

Brent

Brent quotes are hovering above the 200-day Moving Average on H4, indicating a prevailing uptrend. The RSI has broken the resistance line. As a result, in this situation, the price is expected to grow further to the nearest resistance at 4/8 (87.50). The scenario can be cancelled by a downward breakout of the support at 3/8 (84.38). In this case, the Brent quotes could return to 2/8 (81.25).

On M15, the upper line of the VoltyChannel has been 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 H4, which indicates a prevailing uptrend. The RSI is nearing the resistance line. Currently, the price is expected to test the 4/8 (4531.2) level, rebound from it and decline to the support at 2/8 (4453.1). The scenario can be cancelled by a breakout of the resistance at 4/8 (4531.2). In this case, the S&P 500 index could continue to rise and reach 5/8 (4570.3).

On M15, after the price tests the 4/8 (4531.2) level, an additional signal for the price to fall could be a breakout of the lower boundary of the VoltyChannel.