Technical Analysis Weekly

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.

-----------------------------------------------------

Wall Street (4 hours)

Wall Street failed to break the 32520 mark to the downside where a quick rebound has been posted to the previous swing high around the 34000 level. Now, The price is testing this zone again (32520) after breaking the bearish trend line. It is possible the market will reject the price around this area and this might lead to a reversal and a move higher to the previous swing around the 34k USD mark.

Source: SpreadEx 

UK 100 (4 hours)

The index is in a clear downward movement where a series of lower lows and highs has been posted. Price faced a strong support around the 7340 mark last week, where sellers are still trying to push the price further to the downside. If sellers manage to close the price below the support area, the UK100 could reach the 7110 USD level.

Source: SpreadEx 

Germany 40 (4 hours)

The price of GER40 posted a double top formation which led to a reversal to the downside where sellers showed strength over the buyers. This led to a breakout of the bullish trend line to the downside and now it is testing the 13555 mark. A break and close below this zone will lead to further movement to the downside, possibly to the 13,350 level.

Source: SpreadEx 

Gold (4 hours)

Gold has been posting lower lows and highs signalling that the trend is in a clear downward movement. The price succeeded to break and close below the trendline which shows that the sellers are still in control of the market. Further movement to the downside is possible in the coming hours toward the 1850 mark.

Source: SpreadEx 

Silver (4 hours)

The price of silver is dropping aggressively where it managed to break the 2215 mark and close below it. Further movement to the downside is to be expected when the downtrend looks so healthy, but a possible correction to the 2210 USD resistance could be posted before the drop.

Source: SpreadEx 

Brent Crude (4 hours)

Brent Crude oil is trading inside a bullish channel formation where the price reached an area of confluence made by the resistance level (114) and the higher end of the channel. The market dropped and found buyers near the strong support around the 110 mark. We expect a fake out below this area and then a rally all the way up to the previous swing high (114).

Source: SpreadEx 

GBP/USD (4 hours)

Cable succeeded in breaking below the bearish flag to the downside and also broke the strong support area (now resistance) around the 1.2400 mark. A higher correction to the resistance level could be seen before the sellers might jump back and ride the downtrend.

Source: SpreadEx 

EUR/USD (4 hours)

The euro is trading inside a parallel channel where it is bouncing between a support and resistance level which have the respective price values of 1.04950 & 1.0582. A consolidation period at the bottom of a downtrend can often indicate a potential reversal. So, a breakout and a close above the higher end of the channel could lead to a move higher all the way up to the 1.077 mark.

Source: SpreadEx 

USD/JPY (4 hours)

The price is in a clear uptrend where higher highs and lows have been posted. It managed to break the bullish flag to the upside but faced a strong resistance level around the 105.80 mark. If the bulls succeed in breaking this area and close above it, a higher move toward the 107.70 esistance could be reached.

Source: SpreadEx 

US TECH 100 (Daily)

The Nasdaq 100 index is in a clear downward movement, and this occurred after breaking a strong demand zone around the 13,100 mark. Since there are no strong supports below this mentioned demand zone, there is a possibility that the sellers will push the price toward the 11,960 level.

Source: SpreadEx