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.
WEEK COMMENCING 30TH OCTOBER 2023
-----------------------------------------------------
WALL STREET (1 Day)
Wall Street breaking under 32580 opened the door to 31400, where a head-and-shoulders pattern could start forming. If the support gives way to bears, it would invalidate the right shoulder. Reclaiming the now-resistance could trigger 33300 revisited.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
DOWN |
31400 |
32650 |
33300 |
RUSSELL 2000 (1 Day)
A triple bottom formation could see Russell 2000 bounce towards 1700 if 1675 gives in, with chances at 1600, the next logical round support, increasing.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
DOWN |
1600 |
1650 |
1700 |
JAPAN 225 (1 day)
Breaking below the flag low and retesting the trendline could weigh on Japan 225, with a leg below 30260 exposing 30K and then 29380. Taking over 31220 may change the short-term course of action, but it is unlikely to gain as high as 31470.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
DOWN |
29380 |
30850 |
31470 |
WTI CRUDE (4 hours)
Despite early, crude oil’s price action points to a symmetrical triangle above $82.50, with $81.30 seen as invalidation. If the swing support breaks, it could trigger a bearish reaction towards $77.50 unless the $80 handle holds firm. Otherwise, recapturing $87.20 may enact an attempt at $90 a barrel.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
RANGE |
80.00 |
85.00 |
90.00 |
GOLD (4 hours)
Gold’s continuation is facing double-top resistance at $2020, with pullbacks to $1980 now more likely. Under there, the next support can be observed at $1955. If bulls push higher, it could clear the path towards $2050 next, pending direction at $2030 an ounce.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
UP |
1955 |
1995 |
2050 |
SILVER (4 hours)
Silver appears to correct its upside move within a flag pattern, potentially eyeing $22.2 next—conversely, resistance above the peak of $23.80 lies at $24.30 per ounce.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
UP |
22.20 |
23.30 |
24.30 |
GBP/USD (1 day)
The pound resembles an early triangle pattern with its higher swing low at 1.2071 holding support, but falling under $1.2035 will open the door to $1.20 and $1.1921. If the short-term resistances at $1.2287 and 38 fall, we may experience a bullish move towards $1.2416.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
DOWN |
1.1921 |
1.2180 |
1.2416 |
EUR/USD (2 hours)
The EUR/USD pair has barely traded within the ascending channel/flag pattern but remains pounding breakdowns towards $1.045. $1.0522 and $1.0493 must succumb for the scenario to play out. Short-term PA could see the pair advance above $1.05, gaining traction to 1.0615 and $1.064.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
DOWN |
1.0493 |
1.0583 |
1.0640 |
GBP/JPY (2 hour)
The GBP/JPY pair appears near a triangle completion anywhere between ¥180.24 and ¥178. Taking over ¥181.61 could instigate a rally toward ¥182.60 unless the trend reverses.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
DOWN |
178.00 |
180.58 |
182.60 |
NATWEST (1 day)
Natwest’s share price entered the bearish territory under 188p following a wedge breakout, with the risk towards 150p rising. Bulls must recuperate losses to 200p at least before somewhat abandoning the high-risk zone below 210p.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
DOWN |
150.00 |
180.00 |
210.00 |
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
