Weekly Technical Analysis 02.10.2023

Start your week by identifying the key price levels and trends.

The Spreadex Research team has analysed the most popular markets, including stocks, indices, commodities & forex.

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US TECH 100 (4 hours)

Falling to 14430 may have ended short-term declines for now unless increasing pressure above 15k shifts focus on a falling wedge instead. Moving past 15250 and towards 15630 will raise the chances of a 'low-in' scenario, provided there is no flag.

Source: SpreadEx

RUSSELL (1 day)

A head-and-shoulders pattern may have ended following a deeper-than-expected correction to 1760 via 1730. Still, with the golden pocket near 1810 holding firm, the pattern could get invalidated soon, driving prices towards 1700. Pushing past the resistance could instigate a leg to 1850, where the 50% Fibonacci retracement lies.

Source: SpreadEx

GERMANY 40 (4 hours)

A triangle appears complete in Germany's 40 index, but the measured move projection near 15k hasn't been reached. Failing to get past the swing high of 15500 may weigh on prices, leading to 15130 and perhaps the round support of 15k. Conversely, 15800 is expected to be resistance below 16k.

Source: SpreadEx

SILVER (1 day)

Falling under the triple support of $22.35 could validate a triangle pattern in silver with a truncated final wave, paving the way to a projection low of $19.50 if it gets through $20. Holding firm may encourage some respite towards the $24 barrier but is unlikely to move closer to $25.50.

Source: SpreadEx

BRENT CRUDE (30 minutes)

Brent oil consolidated in a narrowing range, pointing to a potential triangle and eventually a breakout of $96 or $90 per barrel. Projections can be expected to send the commodity to levels equal to the measured move height of $6 from the breakout point in the medium term. In the short term, prices may continue consolidating, with $91 and $94 in focus.

Source: SpreadEx

COPPER (4 hours)               

The price of copper stopped and reversed at 362, forming a double bottom and provoking long positions towards 391. Above there lies critical resistance around 400, with a support failure opening up 355 next.

Source: SpreadEx

GBP/USD (4 hours)

Sterling may retest $1.23, turning it to confirmed support and potentially weighing on prices with a leg towards the $1.20 hurdle via $1.21 - both being round supports. Firming up could see the pair advance above $1.24, but only marginally.

Source: SpreadEx

USD/CAD (2 hours)

Soaring momentum might have put a temporary low in in USD/CAD, with additional demand past $1.37 bringing $1.38 into the spotlight. Lack of demand could see a reversal to the regional low of $1.34, raising speculation for an attempt at $1.3316 and invalidating the potential pennant.

Source: SpreadEx

CAD/JPY (1 hour)

The upside on CAD/.JPY has likely formed a terminal wedge pattern, suggesting further easing towards 109.20 and perhaps 108.55. Bouncing higher could see prices accelerate past the top of 111.18 again, with chances of witnessing a fakeout looking better than a breakout.

Source: SpreadEx

NIKE (2 hours)

The stock price of NIKE experienced an open gap recently after extending measured-move declines post-triangle pattern, jumping near triple digits but seeing a weak attempt initially there. If the short-term support of $95 holds firm, the stock could advance to $103, where bulls are expected to receive resistance. Sliding under the regional support for $88 would expose $85 next.

Source: SpreadEx