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 has rebounded since receiving rejection at the lower end of the descending channel; bulls might be attempting to revisit the upper trendline under 34k. If the support at 32500 gives way to bears, the index might slide deeper to the upper 31k area.

Source: SpreadEx

RUSSELL 2000 (4 hours)

Russell 2000 formed a double bottom at 1700, with the recent rally potentially continuing towards the 1900 hurdle. 1835 is near-term resistance bulls must regain control for the rally to achieve higher levels. Sliding under 1740 might be an early signal of downward continuation instead.

Source: SpreadEx

EUROSTOCKS 50 (1 day)

The European index left a flag on the rearview mirror and headed towards the Nov ‘21 peak of 4410. if prices get stuck at the local high, the chances of reversing back to 4k will increase, dependent upon the firmness of 4165.

Source: SpreadEx

LIGHT CRUDE (1 day)

WTI reversed strongly, increasing the chance of reaching $83/bbl to form the right shoulder of an inverse H&S variation. Breaking higher, though, might see an attempt at $90/bbl. If $78.50/bbl offers support, a correction to $71.60/bbl might fail; otherwise, increasing bets might pave the way towards $69/bbl next.

Source: SpreadEx

SILVER (1 day)

Silver advanced higher, headed towards $26/oz should the local peak of $24.80/oz wane, leaving a flag imprinted. Finding stiff resistance at either level might shift the commodity towards 22.20/oz or 21.40/oz.

Source: SpreadEx

PLATINUM  (4 hours)               

Platinum ended a triangle pattern at $960/oz, offering respite towards the measured-move high of $1035/oz. Bulls must reclaim $1010/oz in advance; otherwise, they risk letting prices repel to $960/oz, where probabilities of further declines to $930/oz would increase.

Source: SpreadEx

EUR/USD (4 hours)

EUR/USD bulls met stiff resistance shy off the peak of $1.0930, forming a double top. If $1.0760 is lost, it might clear the path to $1.0631, putting an imminent end to the recent rally. But fueling prices past the peak will bring the Fed top of $1.1030 back into the radar.

Source: SpreadEx

GBP/USD (4 hours)

Cable might have completed a wedge above $1.24, missing the two preceding peaks and opening up the chances of long-term upside. Weakening under $1.22 might see the pair give way to $1.2148  but is unlikely to reach $1.20 in a week alone. Otherwise, the wedge might be incomplete, and $1.2448 might be the next focus level, followed by $1.25. 

Source: SpreadEx

NZD/USD (4 hours)

Kiwi has been crawling higher in a corrective fashion, resembling a flag pattern ready to break down. If prices succumb under the 62-cent barrier, losses might extend to the low of 61 cents. Conversely,  the flag might elongate for longer, opening the window to $0.6360.

Source: SpreadEx

BTC/USD (1 day)

Bitcoin has extended higher without much momentum, printing a false break and imprinting a double-top formation. If bears add to the profit-taking positions, the break of 26500 might be crucial for the medium-term price action of BTC, as it would encourage a move down to 23180. In the opposite direction, spiking over the peaks might see an extension to 30k, with 32350 a weekly max.

Source: SpreadEx