Weekly Technical Analysis

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)

The Tech index has reclaimed the 15k handle but faces upper trendline resistance before confirming or invalidating the flag. If bulls can get past rejection peaks at 15350 and 15650, it would support the bullish thesis. Otherwise, losing the round support will expose support at 14850 and the swing low of 14555.

Source: SpreadEx

GERMANY 40 (1 Day)

A head-and-shoulders pattern may be brewing in Germany’s 40 index following a bounce at the double-bottom support at 14580. Failing to get through 15580 will increase the chances of panning out, whereas a move past will likely invalidate it and head towards the next resistance at 16K. A successful rejection would imply further drops towards 14K.

Source: SpreadEx

HONG KONG 50 (1 day)

Crossing outside the descending HK50 wedge trendline exposes the peak of 18370 and 20350, with interim resistance at 18850. But if the index reverses below the regional support of 17K, it may open the door to 16K, invalidating the wedge and raising the chances of bearish impulses.

Source: SpreadEx

BRENT CRUDE (4 hours)

Despite looking bearish in the short term, Brent has not dropped the local support of $83 a barrel and has put a higher low in at $84.50/bbl, pending a bounce or a breakdown. In the former case, breaking past the wedge peaks of $87.70 and $89.50 could pave the way to $92.70/bbl unless we get a triangle, whereas in the latter case, major support lies at $81.50.

Source: SpreadEx

COPPER (1 Day)

Copper formed a double-bottom following the completion of a wedge, opening up speculation for a “low-in” scenario at $3.51/lbs. If bulls persist towards the second peak at $3.91, winning over $4.02 could clear the path to higher levels. But losing the support could see prices slump towards $3.40.

Source: SpreadEx

NATURAL GAS (4 hours)

The commodity appears to have ended a wedge pattern at $3.65 unless there remains one more leg up past the peak and near $3.75. Losing the lower trendline could see prices fall to $3, followed by $2.80. 

Source: SpreadEx

GBP/USD (1 day)

The British pound has flipped the upper channel trendline to support and eyes $1.2446 next, pending a breakout towards $1.2548. Sliding within the channel would slow the trend down but not reverse until bulls lose $1.2289 should $1.2337 gives way.

Source: SpreadEx

EUR/USD (1 Day)

Eurodollar might head towards $1.1033 to print the right shoulder of a head-and-shoulders pattern with its neckline near the double bottom of $1.05. $1.0835 and $1.0944 are interim resistance levels to watch. The pattern would be invalidated if prices reversed, risking declines under $1.0510 and the low of $1.049

Source: SpreadEx

USD/JPY (2 hour)

The USD/JPY pair could find support at the low of 148.80, increasing the chances of bouncing higher to form the right shoulder of a head-and-shoulder pattern near 150.80. An invalidation higher would expose the peak of 151.74 again. Conversely, falling under the regional support would suggest further declines towards 147.72.

Source: SpreadEx

BITCOIN (1 day)

BTC might have reached its triangle breakout projection shy of $36K, pending reversal towards 32200 unless the upside continues towards the next resistance at $37500. 

Source: SpreadEx