Murrey Math Lines 12.04.2024 (Brent, S&P 500)

Brent

Brent quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. The RSI has broken the support line, exiting the overbought area. As a result, in this situation, the price is expected to test the 4/8 (87.50) level, rebound from it, and rise to the resistance at 6/8 (93.75). The scenario could be cancelled by breaking below the 4/8 (87.50) level. In this case, Brent quotes could decline to the support at 3/8 (84.38).

On M15, following a rebound from the 4/8 (87.50) level on D1, the price rise could be additionally confirmed by a breakout of the upper line of the VoltyChannel.

S&P 500

S&P 500 quotes remain in the overbought area on D1. The RSI is testing the support line. In this situation, the price is expected to test the +2/8 (5312.5) level, rebound from it, and fall to the support at 8/8 (5000.00). The scenario could be cancelled by rising above +2/8 (5312.5), which might reshuffle the Murrey indication, setting new price movement targets.

On M15, following a rebound from the +2/8 (5312.5) level on D1, the price decline could be additionally confirmed by a breakout of the lower line of the VoltyChannel.