Murrey math lines: Brent, S&P 500
|Brent
Brent quotes and the RSI have reached their respective oversold areas on H4. In this situation, the instrument is expected to rise above 0/8 (75.0), subsequently reaching the resistance line at 1/8 (78.12). The scenario could be cancelled by a downward breakout of the support at -1/8 (71.88). In this case, the quotes could drop to the -2/8 (68.75) mark.
On M15, an additional signal confirming the price rise could be a breakout of the upper boundary of the VoltyChannel.
S&P 500
S&P 500 quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI has broken the resistance line. In this situation, the instrument is expected to rise above 7/8 (4609.4) and later reach the resistance at 8/8 (4687.5). The scenario could be cancelled by a downward breakout of 6/8 (4531.2). In this case, the index might drop to the 5/8 (4453.1) level.
On M15, the upper boundary of the VoltyChannel is broken. This development increases the probability of a further price rise.
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