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)

Wall Street formed a triple top at 34600, increasing chances of consolidation to 33610 unless the resistance fails to hold the line for an attempt to 35k. 

Source: SpreadEx

UK 100 (4 hours)

Besides putting in a double bottom, UK 100 appears in a wedge pattern, pending further downside below 7225 but not necessarily 7200. Breaking past 7480 might invalidate the pattern and see prices continue towards 7600.

Source: SpreadEx

GERMANY 40 (4 hours)

While the German index resembles a flag, it might be in a broadening wedge pattern towards 15500. If bulls have a go at the top of 16430, the flag could be validated, opening the door to 16750.

Source: SpreadEx

GOLD (4 hours)

Gold appears in an impulse move currently at correction, making $1943/oz all more important. Turning back up might see an attempt at 2k, with deeper pullbacks exposing the $1900/oz handle unless $1910/oz is part of an inverse H&S and holds firm. 

Source: SpreadEx

SILVER (4 hours)               

The price of silver left a leading wedge imprinted, prompting an impulse to $25.25/oz while paving the way to the top of $26.40/oz. In the event of a breakdown, $24.60/oz will play a critical role in silver’s short and medium-term price action, with weakness bringing $23.60/oz into focus.

Source: SpreadEx

BRENT CRUDE (4 hours)

Brent prices exited the upper range of $78.50/bbl and return to it to either validate the breakout and turn it to support or refute it with a penetration towards $75.00 via $76.60. $81.60/bbl is expected to be a peak unless bulls attempt $83.60/bbl.

Source: SpreadEx

GBP/JPY (4 hours)

After completing an ending wedge pattern at £184.00, GBP/JPY reversed momentarily to £179.44, but the £180.00 handle held firm, forming a double bottom. If bullish demand weakens at or before £183.30, the pair might lose the floor, aiming at £178.80. Conversely, gaining control of the top might extend prices to £186.00.

Source: SpreadEx

USD/CAD (4 hours)

An ending wedge pattern has appeared in USD/CAD following a rejection at $1.3386, the second peak of the potential pattern. With the third trough in at $1.31, crawling above the descending trendline and breaking the short-term peak might see prices accelerate towards $1.35. A lack of demand might send prices back to $1.31, clearing the path to $1.3050 and the base of $1.30 without invalidating the pattern.

Source: SpreadEx

EUR/CHF (4 hour)

A possible wedge on EUR/CHF reveals a throw-under, pending upside towards € 0.9750 or invalidation of the pattern below € 0.96. Additional longs might inspire action towards € 0.98, with shorts bringing €0.9550 and the round support of € 0.95 in the spotlight. 

Source: SpreadEx

CENTRICA (4 hours)

Centrica has ended an ascending triangle at 117p, with chances of hitting the measured-move target of 130p high above 120p. Losing the triangle low might end the upside trend, pressuring the stock to 112p. 

Source: SpreadEx