Murrey Math Lines 17.11.2023 (Brent, S&P 500)

Brent

Brent quotes are below the 200-day Moving Average on H4, indicating the predominance of a downtrend. However, the RSI is in the oversold area. Currently, the quotes are expected to rise above the 1/8 (78.12) level, subsequently reaching the resistance level of 8/8 (4375.0). The scenario can be cancelled by a downward breakout of the support at 0/8 (75.00). In this case, Brent quotes might drop to -1/8 (71.88).

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

S&P 500

The S&P 500 index quotes and the RSI are in their overbought area. In this situation, a rebound from +2/8 (4531.2) is expected, followed by a decline to the support at 8/8 (4375.0). The scenario can be cancelled by rising above the resistance at +2/8 (4531.2), which will result in reshuffling of the Murrey lines, after which new price targets could be set.

On M15, a breakout of the lower boundary of the VoltyChannel could increase the probability of a price decline.