Weekly Technical Analysis
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 dropped back to support at 32,500 but avoided year-to-date lows and made a strong intra-day reversal back to the previous swing low at 33,200, which is resistance. The strong reversal offers scope for a bigger bounce with the 50 SMA then 34,000 next resistance.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Down |
32,500 |
33,200 |
34,000 |
UK 100 (4 hours)
Price has made a higher high and higher low, putting an end to the drawdown from the April 21 high. A break above 7550 would suggest a re-test of the prior high at 7670, while a failure would imply the move up off the lows was corrective and that another test of 7300 is likely.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Down |
7300 |
7550 |
7670 |
Germany 40 (4 hours)
The move back inside the formerly broken down-sloping channel suggests downside momentum is fading a re-test of the upper channel line around 14,500 and resistance at 46000 is likely. Near term resistance is 14,150 which offers resistance within the broader downtrend.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Sideways |
13,400 |
14,150 |
14,500 |
Gold (4 hours)
The bias for gold is to the downside while the price remains below resistance from the the April lows at 1890. The recent low at 1875 is interim resistance with a possible downside target based on a measured move of the last big drawdown from 2000 is 1820.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Down |
1820 |
1890 |
1920 |
Silver (4 hours)
The low from early February has offer temporary support. Near term resistance at 2300 and a downtrend line are the barrier between whether a new low is in, or if the downtrend will continue towards 2000. Next major resistanjce is 2410.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Down |
2200 |
2300 |
2410 |
Brent Crude (4 hours)
Price continues to respect th edges of a triangle pattern with it most recently clustering near the upper trendline of the pattern. A break lower could target 90, while a break would first likely test 115.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Sideways |
90 |
108 |
115 |
GBP/USD (4 hours)
The downtrend has steadied above 1.25. A break over 1.26 could help establish a near-term low with 1.2750 the next resistance up. However the broader trend remains down - favouring sell trades - while price is below 1.30.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Down |
1.25 |
1.26 |
1.275 |
EUR/USD (4 hours)
The price is consolidating in a rectangle above the big 1.05 level. A breakout either side of the box will determine the next direction. The bias is bearish while the price is under 1.075.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Down |
1.04 |
1.055 |
1.075 |
USD/JPY (4 hours)
The uptrend remains intact, supported by a rising trendline as well as the 50 SMA. The big 130 level offers one reason for a potential top, or larger pullback but the bias for the pair is still bullish while above 125.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Up |
127.5 |
129.3 |
131 |
London Gas (WeekLy)
The London gas contract cannot seem to close the week over 1250, and has started the new week with another failed break over the level. The implication is a drop to the bottom of the range near 900 - but the overall trend is higher while over the 50 week SMA.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Down |
750 |
900 |
1250 |
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