Murrey math lines: Brent, S&P 500
|Brent
Brent quotes have broken below the 200-day Moving Average on H4, indicating the potential development of a downtrend. However, the RSI is approaching the oversold area. As a result, in this situation, the price is expected to test the 2/8 (78.12) level, rebound from it, and rise to the resistance at 3/8 (79.69). The scenario could be cancelled by rising above the 3/8 (79.69) level. In this case, the quotes might climb to the resistance at 4/8 (81.25).
On M15, following a rebound from the 2/8 (78.12) level on H4, the price rise could be additionally supported by a breakout of the upper line of the VoltyChannel.
S&P 500
S&P 500 quotes are above the 200-day Moving Average on H4, indicating a prevailing uptrend. The RSI has broken the resistance level. In this situation, the quotes are expected to climb further to 8/8 (5000.0). The scenario could be cancelled by a downward breakout of the support level at 7/8 (4921.9). In this case, the S&P 500 index could drop to 6/8 (4843.8).
On M15, the upper line of the VoltyChannel is broken, which increases the probability of a further price rise.
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