Murrey Math Lines 01.09.2023 (Brent, S&P 500)
Brent
Brent quotes are nearing the overbought area on H4, with the RSI already in the overbought area. In these circumstances, the price is expected to break the 8/8 (87.50) level, rebound from it, and drop to the support level at 6/8 (84.38). The scenario can be cancelled by a breakout of the resistance level at 8/8 (87.50). In this case, the quotes could reach +1/8 (89.06).
On M15, following a rebound from 8/8 (87.50), the price decline might be additionally supported by a breakout of the lower line of the VoltyChannel.
S&P 500
S&P 500 quotes are hovering above the 200-day Moving Average on H4, which indicates a prevailing uptrend. The RSI is nearing the support line. In this situation, the price is expected to test the 3/8 (4492.2) level, rebound from it, and rise to the resistance level at 5/8 (4570.3). The scenario can be cancelled by a downward breakout of the support level at 3/8 (4492.2). In this case, the S&P 500 index could decline to 2/8 (4453.1).
On M15, the upper line of the VoltyChannel is broken, which increases the probability of a further price rise.
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