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.

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Wall Street (4 hours)

The price made a fakout over the March 29 peak before crashing back under its moving averages. The sharp downwards price action has flipped the market to a bearish bias. Former support at 34,100 could act as resistance to any bounce with 32,750 the next significant support further down. A move over 34,900 would nullify the bearish bias. 

Source: SpreadEx 

UK 100 (4 hours)

Price eventually followed the weaker momentum lower with a drop under a clear uptrend line. The short term bias is bearish with the possibility that the sharp drop sees some follow-through. The gap around 7480 offers possible resistance with support near 7200. While a move back over the rising trendline would erase the bearish bias.

Source: SpreadEx 

Germany 40 (4 hours)

The successful test of the April 12 low shows some relative strength vs other indices so - if there is a rebound - this index could be an outperformer with a possible re-test of last week’s top near 14,600 should the price make it back over 14,200. A  close under 14,000 would negate any bullish possibility. 

Source: SpreadEx 

Gold (4 hours)

Gold has slumped back sharply from the 2000 level $100 to 1900, which has twice acted as support. Were the price to break lower and make a measured move equivalent to its drop back from the March 8 peak, it would drop towards 1820. 

Source: SpreadEx 

Silver (4 hours)

The price of silver has dropped significantly. taking it into a bearish trend. However, the price has paused at the bottom of a down-sloping channel, which could offer some temporary relief, with the 2500 level resistance above. Should the price continue under 2300 it would imply the downtrend will continue.

Source: SpreadEx 

Brent Crude (4 hours)

The looks to be trading in large imperfect equalateral triangle. Should the base near 98 holod again, any bounce could carry the price back to the downtrend line that stopped the prior two rallies. A break under 98 would indicate a new medium term downtrend has begun. 

Source: SpreadEx 

GBP/USD (4 hours)

The big 1.30 level finally broke and after having held as resistance for so long, the breakdown was a powerful one, taking the price down 300 pips. A rally back to 1.30 appears unlikely but were it to happoen would invalidate the break lower. The short consolidation near 1.285 could offer resistance with 1.26 next support.

Source: SpreadEx 

EUR/USD (4 hours)

The price hit a near-perfect 2-year low from the low of April 24, 2020, after breaking down from the 1.076 support, which is now resistance. The major multi-year low from March 2020 is just below at 1.0637. 

Source: SpreadEx 

USD/JPY (4 hours)

The price is consolidating after reaching above the 129 level that last week we indicated is the same height above the 200 SMA as the last major drawdown. A drop under near term support could open up the drop when a move above the downtrend line connecting the recent peaks would imply the uptrend will continue over 130.

Source: SpreadEx 

US TECH 100 (Daily)

The Nasdaq 100 index retracted 61.8% of its drop from record highs before turning lower again. A break under 13,000 could target the 61.8% Fibonacci extension near 10,500.

Source: SpreadEx