Murrey Math Lines 01.03.2024 (Brent, S&P 500)

Brent

Brent quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, the quotes are expected to rise above 5/8 (82.81), later reaching the resistance at 6/8 (84.38). The scenario could be cancelled by a breakout of the 4/8 (81.25) level, which might lead to a trend reversal and a decline to the support at 3/8 (79.69).

On M15, the price growth could be additionally supported by a breakout of the upper boundary of the VoltyChannel.

S&P 500

The S&P 500 index quotes are in the overbought area on H4. The RSI has formed a divergence. In this situation, the quotes are expected to break the +1/8 (5078.1) level and drop to the support at 8/8 (5000.0). The scenario could be cancelled by rising above the +2/8 (5156.2) level, which might lead to the restructuring of the Murrey indication, after which new price targets could be set.

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