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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SPX 500 (4 hours)

The bottom at 4350 might have completed a flag pattern, opening up 4635 again and perhaps new 2023 highs. If bulls lose 4485, chances of breaking lower will increase.

Source: SpreadEx

WALL STREET (4 hours)

Dow Jones has a similar price action, but its medium-term path resembles an open wedge, pending further breakouts past 35700. Critical support lies at 34570, with a slide under there potentially leading to 34k.

Source: SpreadEx

JAPAN 225 (4 hours)

While Japan’s index appears bullish, the price remains within the ascending flag pattern unless it ended at 31250, encouraging additional upsides towards 33500 and 33850. A rejection could see the index lower down near 32300.

Source: SpreadEx

LONDON GAS (1 day)

London Gas has soared to $970/cf but failed triple digits as it turned to consolidate, raising chances of a drop to $850/cf before creating the conditions for additional upsides towards $1050/cf. If bearish bets accelerate, it will bring the $800/cf handle into focus.

Source: SpreadEx

BRENT CRUDE (1 day)

Despite moving to a fresh regional high at $89 a barrel following a flag, Brent remains under the $90/bbl handle, with bulls looking to potentially secure some profits after a 4-day winning streak. The alleged selloff could clear the path to $81.50/bbl unless $85 holds, whereas on the top side, breaking higher may see an attempt at $92.50/bbl.

Source: SpreadEx

SILVER (4 hours)               

The upside spike in Silver suggests the top is now in, with chances of forming a range between $22.50 and 25.50 an ounce increasing. If bulls reclaim the peak, we might see a leg towards $26.20/oz. Conversely, falling under $24.30/oz may send prices to 23.60/oz.

Source: SpreadEx

GBP/USD (4 hours)

Bulls failed to recapture $1.2735 as the peak at $1.2746 was a fadeout, inspiring drops towards $1.2550 but failing to reach or break it. If they can take over the regional resistance, the chances of bouncing towards $1.2850 to form the right shoulder of a potential H&S pattern will increase. Otherwise, we may see  $1.25 and 1.24 again come into the spotlight.

Source: SpreadEx

USD/CAD (1 day)

With $1.35 forming a double-bottom formation, bulls may target the $1.37 barrier next, where the top trendline of a long-term flag may offer rejection. Failing to get through the local top of $1.36640 could lead to a range, with the failure of the double-bottom opening up $1.34.

Source: SpreadEx

EUR/GBP (4 hours)

If bulls stall before the local top at Є0.8667, a wedge pattern could bring further descents towards Є0.8490 and eventually lower. Conversely, a bullish advance may leave behind support, shifting the focus to Є0.8667 next.

Source: SpreadEx

EASYJET (4 hours)

The price of EasyJet may have formed a wedge at 410 GBX, increasing speculation for a reversal with 460 GBX and the 500 GBX barrier closer to reality. If bullish momentum wanes ahead of or at 440 GBX, the pattern may be invalidated, potentially inspiring bets to  400 GBX or lower.

Source: SpreadEx