Murrey Math Lines 09.02.2024 (Brent, S&P 500)

Brent

Brent quotes have broken the 200-day Moving Average on H4 and are currently above it, which indicates the probability of an uptrend development. However, the RSI has reached the overbought area. As a result, in this situation, a rebound from 4/8 (81.25) is expected, followed by a price decline to the support at 3/8 (79.69). The scenario could be cancelled by rising above the 5/8 (82.81) level, in which case, the price might rise to the resistance at 6/8 (84.38).

On M15, the lower boundary of the VoltyChannel is too far from the current price, so the decline could start after a rebound from the 4/8 (81.25) level on H4.

S&P 500

The stock index and the RSI have reached their respective overbought areas. In this situation, a rebound from the 8/8 (5000.0) level is expected, followed by a decline to the support at 6/8 (4921.9). The scenario could be cancelled by rising above 8/8 (5000.0), in which case, the price might grow to the resistance at +1/8 (5039.1).

On M15, the decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.