Murrey math lines: Brent, S&P 500
|Brent
Brent quotes are below the 200-day Moving Average on H4, indicating the predominance of a downtrend. However, the RSI is in the oversold area. Currently, the quotes are expected to rise above the 1/8 (78.12) level, subsequently reaching the resistance level of 8/8 (4375.0). The scenario can be cancelled by a downward breakout of the support at 0/8 (75.00). In this case, Brent quotes might drop to -1/8 (71.88).
On M15, a further price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
S&P 500
The S&P 500 index quotes and the RSI are in their overbought area. In this situation, a rebound from +2/8 (4531.2) is expected, followed by a decline to the support at 8/8 (4375.0). The scenario can be cancelled by rising above the resistance at +2/8 (4531.2), which will result in reshuffling of the Murrey lines, after which new price targets could be set.
On M15, a breakout of the lower boundary of the VoltyChannel could increase the probability of a price decline.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.