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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Wall Street (4 hours)

The price of “Wall Street” is trending to the downside after breaking a rising parallel channel. The market dropped below the lower channel line and never looked back. The negative momentum is strong which suggests that price could reach the next support level around 30,620, where there is greater scope for a relief rally.

Source: SpreadEx 

UK 100 (4 hours)

The bears are in clear control of the market where the Index price is being aggressively sent to the downside. The corrections in the downtrend are slight and brief which shows that the bulls are barely trying to reverse the market. This could lead to a further movement to the downside toward the 7,160.

Source: SpreadEx 

Germany 40 (4 hours)

The price of GER40 successfully broke the bullish channel to the downside after posting an inverse head and shoulders formation. The market now is under a key support level which could be a new resistance level to any bounce. If this resistance holds, the price might reach the 13,280 mark.

Source: SpreadEx 

Gold (4 hours)

Gold is bouncing within the range made of a key support level and a key resistance level with the respective price values at 1,830 & 1,875. The price found sellers near the higher end of this channel where it could be about to reverse as indicated by the bearish engulfing pattern near resistance. If the sellers continue to be in charge of the market, it could see a move lower to the lower end of the range which is near 1,830.

Source: SpreadEx 

Silver (4 hours)

The price of silver is bouncing inside a parallel channel pattern where the price is about to test the lower end of this range for the second time. If the range is to hold, the price will be rejected and could post at least a slight correction to the upside toward the pivot level 2,185, where sellers could position for downside break.

Brent Crude (4 hours)

Brent Crude Oil broke down from its rising wedge formation after posting a double top pattern under 125. This led to a reversal and a move to the downside where the sellers are in charge of the market. This downward movement could continue with a test of the pivot level near 118 mark, and a possible breakdown after that towards 115 support.

Source: SpreadEx 

GBP/USD (4 hours)

Cable again failed to gain any traction above the 1.26 mark, and another reversal occurred. The market successfully broke the bearish flag formation to the downside and it is dropping aggressively, where the price seems likely to reach the next support level around the 1.2160 mark, where a small bounce might proceed a further downside break. 

Source: SpreadEx 

EUR/USD (4 hours)

EUR/USD has been bouncing inside a parallel channel formation since the end of May. The price finally broke this pattern to the downside where it posted lower lows and highs with brief corrections. The market is sitting now right above a strong support level which is the 1.0480 mark. We could see a slight correction to the upside before a new bearish impulsive wave toward the 1.0365 mark.

Source: SpreadEx 

USD/JPY (4 hours)

The price is still in an upward movement where there is no sign that it will reverse any time soon, though the trend is very over-extended. Buyers successfully broke the consolidation phase to the upside and now they are trying to close above the strong resistance level around 135. If this scenario occurs, we could see the price of USD/JPY reaching the 137 mark.

Source: SpreadEx 

SPX 500 (4 hours)

After breaking the parallel channel to the downside, the price of SPX500 is under huge selling pressure, allowing for the break of the support level around 3,865. The downtrend is healthy since slight and brief corrections are posted along with huge bearish impulsive waves. Further movement to the downside is expected toward the 3,725 level.

Source: SpreadEx