Weekly Technical Analysis
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 (4 hours)
The US Tech index exhibits an overall negative PA near the bottom of 14430, exposing 14250 as part of a wedge pattern. 14900 is seen as a regional high above 14780.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
DOWN |
14250 |
14690 |
14900 |
US FANG (2 hours)
The FANG index could form a triangle while trading above the 7165 mark, preparing for an advance towards 7630 following a move past 7500. A slide under 7245 would increase bearish chances, with an eventual break of the swing support opening up the 7k handle.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
DOWN |
7165 |
7470 |
7630 |
HONG KONG (1 day)
Bulls may face difficulty at 17k but are likely to receive support at 16750 as the index forms the last leg of a wedge pattern. If there are additional shorts, 16k will come into the spotlight. Conversely, 17500 may pave the way to 18k, where the chances of a complete wedge will rise.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
DOWN |
16000 |
17000 |
18000 |
BRENT CRUDE (4 hours)
Brent oil prices have reversed at $93.80 after a rejection at the descending channel connecting the lower peaks, with chances at $88 expected to increase under $89.50. A break outside the bearish trend could eye $96 and perhaps higher, but it is unlikely to reach triple digits.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
DOWN |
88.00 |
89.30 |
96.00 |
SILVER (4 hours)
Silver has sustained its bullishness bias above 22.10 but started to resemble a wedge, with the next resistance above $23.70 near $24. A drop below $22.60 could provide the impetus for declines.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
UP |
22.10 |
23.00 |
24.00 |
COPPER (4 hours)
Copper formed a double bottom at $353 but may complete a wedge pattern close to $350 before reversing. Bulls must take $362 over first, with $378 as a critical hurdle for the reversal. An extension under the lower wedge trendline may induce downward pressure, potentially clearing the path to $340.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
DOWN |
340.00 |
355.00 |
362.00 |
GBP/USD (1 hour)
Bulls rejected the attempt at $1.21, with recent price action suggesting a sideways market between $1.2087 and $1.2212. If prices accelerate past the top, the pair could revisit $1.2261. However, a breakdown might send prices to the measured move target of the complete triangle, paving the way to $1.2050.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
UP |
1.2050 |
1.2171 |
1.2261 |
USD/CAD (2 hours)
The USD/CAD pair may be about to complete a wedge towards $1.3785m, with price action perhaps reaching $1.38. Falling under the $1.3670 support could invalidate the pattern and open the door to 1.36.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
UP |
1.3670 |
1.3695 |
1.3800 |
EUR/JPY (1 hour)
The EUR/JPY pair may have ended a wedge pattern at ¥158.93 and turned to ¥158.25 before testing the second trough at ¥157.68. A rally toward ¥159.00 could be seen but is unlikely to offer a continuation unless bulls reclaim ¥159.50.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
UP |
157.68 |
158.37 |
159.50 |
DEUTSCHE BANK (1 hour)
Deutsche could head down to €9 if the trend continues within the descending channel and under €9.85 unless the bottom trendline holds bears off. If the local resistance is won over, the low might be in, possibly triggering a move toward double digits again.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
DOWN |
9.00 |
9.70 |
10.10 |
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