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.

-----------------------------------------------------

Wall Street (4 hours)

The price of “Wall Street” is still trending to the downside, but it posted a double bottom near a strong support level. This is an indication that the sellers are getting weaker, and the price might reverse and move to the upside. So, a break and a close above the pivot zone, could lead to a move to the upside toward the key resistance level 30,855.

Source: SpreadEx 

UK 100 (4 hours)

The bears are still in control of the market where the Index price is being sent to the downside. But, the last correction posted looks deep along with big bullish bodied bars inside it. This shows that the buyers could be about to reverse the market to the upside. For this scenario to occur, the price must close and break above the 7,140 mark which could lead to a rally toward the 7,330 level.

Source: SpreadEx 

Germany 40 (4 hours)

The price of GER40 is in a downtrend where lower highs and lows have been posted. The market is still respecting the bearish trend line signalling that the sellers are still in control of the market. The last correction was a slight and a brief one, so no indication that the buyers might take control of the price action. A close below the 13,020 mark could lead to a further movement to the downside toward the 12,675 mark. 

Source: SpreadEx 

Gold (4 hours)

After breaking the parallel channel to the downside, the price of “Gold” found buyers near the 1,805 mark and reversed higher by leaving behind an inverse head and shoulders. The market posted higher high and low signalling that we are in a new uptrend movement, and it successfully broke the 1,835 mark which could lead to further movement to the upside to the 1,875 mark.

Source: SpreadEx 

Silver (4 hours)

The price of “Silver” successfully broke the bearish trend line to the upside after posting a double bottom pattern. The market faced a strong resistance near the 2,190 mark and was pushed to the support level (2,140). However, the price posted an engulfing bullish pattern and might move to the upside again toward the 2,190 level, and if it succeeded to break and close above it this could lead to a bigger move toward the 2,245 mark.

Brent Crude (4 hours)

Brent Crude Oil broke down from its bullish trend line after leaving behind a double top formation. The price is in a downward movement now after posting a lower high and low. We have a breakout and a close below the support level (resistance now) near the 115 mark. A movement to the downside is expected toward the 106 mark.

Source: SpreadEx 

GBP/USD (4 hours)

Cable failed to gain any traction below the 1.20 mark, and a reversal to the upside occurred. The market posted an inverse head and shoulders ,where now it is sitting near the neckline (1.218). An engulfing bullish pattern has been posted near this zone which could lead to a move higher toward 1.238 level.

Source: SpreadEx 

EUR/USD (4 hours)

EUR/USD has successfully broken the bearish trend line to the upside after breaking above the parallel channel formation. The price posted a correction to the former channel resistance near 1.0480, where the buyers might jump back in and push the price to the upside toward the next key resistance level at 1.06.

Source: SpreadEx 

USD/JPY (4 hours)

The price of “USD/JPY” was in a clear upward movement before entering a parallel channel formation made of a support and resistance with the respective price values of 133,48 & 135.60. The price found support near the pivot level (134,35) where it could be pushed to the upside toward the next key resistance level (135.60).

Source: SpreadEx 

SPX 500 (4 hours)

Although we have a breakout out of the bearish trend line, the positive momentum doesn't look strong enough to reverse the price to the upside. This is proved by the small bullish bodied bars. The downtrend favours a continued move lower. The price could test the previous resistance level (3,715), before the sellers jump back into the downtrend and push it down to 3,635.

Source: SpreadEx