Murrey Math Lines 16.02.2024 (Brent, S&P 500)

Brent

Brent quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is testing the support line. In this situation, the quotes are expected to rise above the 5/8 (82.81) level, subsequently reaching the resistance at 6/8 (84.38). The scenario could be cancelled by a breakout of the 4/8 (81.25) level. In this case, Brent quotes might drop to the support at 3/8 (79.69).

On M15, the upper boundary of the VoltyChannel is broken. This increases the probability of further price growth.

S&P 500

The S&P 500 quotes are in the overbought area on H4. The RSI is nearing the resistance line. In this situation, a rebound from the +1/8 (5039.1) level is expected, followed by a decline to the support at 6/8 (4921.9). The scenario could be cancelled by rising above +1/8 (5039.1). In this case, the index might rise to the resistance at +2/8 (5078.1).

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