Weekly Technical Analysis
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.
NOTE: These charts use the ‘Pro Trading Tools’ available on the SpreadEx trading platform. To use them, log in to your SpreadEx Financials Account and click ‘Technical’ from the menu on any chart.
WEEK COMMENCING 2ND SEPTEMBER 2024
Summary
| Instrument | Trend | Phase | Price | VWAP (20) | Support | Resistance | RSI |
|---|---|---|---|---|---|---|---|
| Germany 40 | Bullish | Corrective | 18364 | 18184 | 18184 | 19055 | 46 |
| UK 100 | Neutral | Consolidation | 8222 | 8303 | 8163 | 8443 | 45 |
| Wall Street | Bullish | Corrective | 40463 | 41001 | 40281 | 41721 | 45 |
| Brent Crude | Bearish | Impulsive | 71.83 | 76.36 | 70.79 | 81.92 | 33 |
| Gold | Bullish | Corrective | 2495 | 2504 | 2483 | 2525 | 52 |
| EUR/USD | Bullish | Corrective | 1.1074 | 1.1102 | 1.1001 | 1.1203 | 53 |
| GBP/USD | Bullish | Corrective | 1.3114 | 1.3115 | 1.2976 | 1.3278 | 55 |
| USD/JPY | Bearish | Impulsive | 142.94 | 144.97 | 141.85 | 148.08 | 37 |
*KEY
Trend direction is set by the slope of the VWAP
Trend phase is determined by the current price relative to the VWAP (20) level and Elliot waves
Support & Resistance are set by the StdDev #2 Lower and Upper respectively.
Momentum is determined by the RSI level (70 as overbought and under 30 as oversold).
Analysis
Germany 40
Germany 40 is in a bullish trend, currently in a corrective phase with the price at 18,364, slightly above the VWAP of 18,184. Support and resistance levels stand at 18,184 and 19,055, respectively. RSI is at 46, indicating mild bullish momentum.
UK 100
UK 100 remains neutral, continuing its consolidation. The price is at 8,222, below the VWAP of 8,303. Support is at 8,163, and resistance at 8,443. RSI at 45 shows stable momentum.
Wall Street
Wall Street is in a bullish trend, though in a corrective phase after last week’s steep sell-off - the worst this year. The price is 40,463, below the VWAP of 41,001. Support is at 40,281, and resistance is at 41,721. The RSI of 45 suggests moderate bullish momentum.
Brent Crude
Brent Crude continues its bearish trend with fresh multi-month lows. The price is 71.83, below the VWAP of 76.36. Support is at 70.79, with resistance at 81.92. The RSI is 33, indicating strong bearish momentum.
Gold
Gold remains bullish, now in a corrective phase under a shallow down-sloping resistance. The price is 2,495, close to the VWAP of 2,504. Support is at 2,483, with resistance at 2,525. RSI is at 52, showing balanced momentum.
EUR/USD
EUR/USD stays in a bullish trend, but in a corrective phase. The price is 1.1074, under the VWAP of 1.1102. Support and resistance are at 1.1001 and 1.1203, respectively. RSI is at 53, indicating a potential for consolidation.
GBP/USD
GBP/USD continues in a bullish trend, now in a corrective phase with a bearish daily engulfing candlestick causing a fakeout over 1.32. The price is at 1.3114, under the VWAP of 1.3115. Support is at 1.2976, with resistance at 1.3278. RSI at 55 suggests ongoing bullish momentum.
USD/JPY
USD/JPY remains bearish in an impulsive phase. The price is 142.94, below the VWAP of 144.97. Support is at 141.85, and resistance is at 148.08. RSI at 37 reflects strong bearish momentum.
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.
