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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WALL STREET (4 hours)

Wall Street is exhibiting an overall positive price action and is at the top of its consolidation range after ending a flag pattern. Investors should be cautious near 34500 and 34930 to uphold against pullbacks. Further drops may result in a retreat to 33600, while a successful break lower could target the 33190 mark.

Source: SpreadEx

US TECH (1 day)

The US Tech index might have concluded a diagonal pattern above the 13225 mark, preparing for a decline towards 12690. The index is now pushing above its sideways range, with buyers needing to break past this local top to drive the rally to 13720 before reversing. A fall below 13k could indicate that the index may start to correct. 

Source: SpreadEx

GERMANY (1 day)

Germany’s 40 index has moved past 15700  after finishing a flag at  14500, with key resistance at 16k and support at 15710. Should bulls have difficulty pushing toward 16300, a potential correction may occur beneath 15500. If there is a breakdown below this support, traders could interpret it as a signal of a downside move to 15300.

Source: SpreadEx

BRENT CRUDE (4 hours)

Brent oil prices have reserved at the $77.50 mark and are trading just under $80, which may determine whether the short-term uptrend continues. Price action seems consistent with a flag pattern, and if bearishness persists, it could drop toward $72.50 if $75.50 wanes. A break above the round resistance can potentially send prices as high as $87.20 if $83.50 gives way to bulls.

Source: SpreadEx

SILVER (4 hours)

Silver has sustained a bullish bias above 24.70 and is currently in consolidation mode, with the next resistance above $26.20 at $27.50. A drop below the former support could provide the impetus for short positions towards $22.50. In contrast, a bounce at the local low may generate further upward pressure amidst a triple-bottom formation.

Source: SpreadEx

LONDON GAS OIL (1 day)               

The London gas market saw yet another price decline last week, falling under $700 but may have ended a diagonal at 675. Bulls may seek to reclaim 755; if done so successfully, we could see a revisit of the 800 barrier. Any setbacks may trigger further downward pressure, potentially clearing the path toward the 600 threshold. 

Source: SpreadEx

GBP/USD (4 hours)

Cable surpassed the 1.2549 level after completing a triangle pattern. If prices continue rising, the pair may reach 1.2667, the measured move target. It’s worth monitoring the 1.25 support in case of a retreat, which may trigger a bearish reversal toward 1.2340.

Source: SpreadEx

EUR/GBP (4 hours)

The EUR/GBP pair is about to potentially complete a larger triangle pattern anywhere between current levels and the low of 0.8718. Falling under the support level would invalidate the pattern and may open the door to 0.8650. A bullish reversal may offer an upward leg toward 0.8875 if bulls can gain control of the 0.88 handle.

Source: SpreadEx

USD/JPY (4 hours)

The USD/JPY pair has completed a diagonal pattern at 135.14 and corrected down to 132.88 before turning into the direction of the pattern. A rally toward 138.00 could be the catalyst for a continuation toward 140.00 unless bulls fail to surpass the local swing. A pullback towards 133.00 may enact if  135.25 succumbs to potential pressure.

Source: SpreadEx

DR. MARTENS (4 hours)

Dr. Martens might have finished a wedge pattern with its third leg down at $127 and has since soared higher. If the trend continues, it may take the stock price as high as the $215 mark should bulls capture the $200 handle. Conversely, if the local support at $160 fails, a deeper correction might develop, possibly inducing a descent toward $145.

Source: SpreadEx