Murrey Math Lines 19.05.2023 (Brent, S&P 500)

BRENT

On H4, Brent quotes have risen to 0/8 (75.00), escaping the oversold area. The RSI has rebounded from the support line. In this situation, a test of 1/8 (78.12) is expected, followed by a breakout of this level and a rise to the resistance level of 2/8 (81.25). The scenario can be cancelled by a downward breakout of the support at 0/8 (75.00). In this case, Brent quotes might return to -1/8 (71.88).

On M15, a further price increase can be additionally supported by a breakout of the upper border of the VoltyChannel.

S&P 500

On H4, the S&P 500 quotes are above the 200-day Moving Average, which indicates the prevalence of an uptrend. However, the RSI is in the overbought area. In these circumstances, a downward breakout of the support at 3/8 (4179.7) is expected, followed by a decline to 2/8 (4140.6). The scenario can be cancelled by rising above the resistance at 4/8 (4218.8). In this case, the S&P 500 quotes might continue growing and might even reach 5/8 (4257.8).

On M15, a breakout of the lower border of the VoltyChannel could increase the probability of a decline to 2/8 (4140.6) on H4.