Murrey Math Lines 02.02.2024 (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.