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 is still in a downtrend, where the price is respecting a bearish trendline. The index posted a correction higher to the 31,600 mark, which could break if there is another leg up in the traditional ABC correction. Any breakout could meet new sellers willing to ride back the downtrend once the price reaches the trend line.

Source: SpreadEx 

UK 100 (4 hours)

The index is currently trading inside a bullish channel formation. The price managed to break the resistance zone (previously support) around the 7,400 mark. The highest probability scenario is to see the price retracing  to the new support before the buyers push it back toward the 7,550 mark.

Source: SpreadEx 

Germany 40 (4 hours)

The price of GER40 is trying to break the resistance zone near the 14,160 mark. However, the index faced strong resistance from the trendline and the supply zone where a bearish engulfing candlestick pattern was posted. This could lead to a reversal and a move lower toward the 13,700 mark.

Source: SpreadEx 

Gold (4 hours)

Gold successfully broke the bearish channel pattern to the upside by posting higher highs and lows. This indicates that the bulls are overwhelming the sellers. Currently, the price is trying to breach the 1,855 mark to the upside. If there is a close above this area, it could lead to a move higher all the way up toward the 1,910 mark.

Source: SpreadEx 

Silver (4 hours)

The price of silver also managed to break a bearish channel pattern to the upside. Currently, it is trying to break the 2,210 mark to the upside, however sellers are trying to take back control of the market. We can observe this via the bearish engulfing pattern near this zone. One potential scenario is to see a fake out to the upside before sellers will push the price to the downside toward the 2,055 level.

Source: SpreadEx 

Brent Crude (4 hours)

Brent Crude oil has breached the bullish wedge formation to the upside but it is facing strong resistance around the 113 mark. If the price succeeds to break this zone and close above it, we can see a retest of the 121 mark.

Source: SpreadEx 

GBP/USD (4 hours)

Buyers managed to break the bearish trend line to the upside after the price failed to break the support zone near the 1.2200 level.  Now, the price trades inside an ascending bullish flag, and looks to be heading to resistance at 1.2615. Again, if bulls manage to break this new resistance to the upside and close above it, this could lead to a further upside movement to the 1.2850 mark.

Source: SpreadEx 

EUR/USD (4 hours)

The euro completed a break of a bearish trend line and reversed higher. The market is in a new short term uptrend, and this can be shown by the higher highs and lows posted. In addition, price broke the resistance zone (now support) around the 1.0585 mark. The new uptrend could see price continue toward the 1.0760 mark.

Source: SpreadEx 

USD/JPY (4 hours)

The price broke the bullish trendline to the downside after posting a double top formation. The market continued its move downward but faces a support zone near the 127 mark. We can see that the buyers are trying to push the price upward, which can be seen by the bullish bars near the support zone. If this occurs, the price of USD/JPY could return to the 129 level.

Source: SpreadEx 

SPX 500 (Daily)

The index was in a downward movement before facing a strong support around the 3,850 mark, which happens to be right where the index enters a ‘bear market’ via a 20% decline from its record high. The price is in a consolidation phase which could lead to a reversal and a move higher if the bulls take control of the market. If this scenario occurs, we could see the price of SPX breaking the resistance zone (3,960) and the bearish trendline to the upside before reaching the 4,085 level.

Source: SpreadEx