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 (1 day)

The SPX 500 appears to have completed a terminal rising wedge pattern, with the upward extension to 4290 likely ending the move. If 4235 holds firm in the event of a reversal, we might witness a leading wedge, opening the door to 4390 should 4330 give in. Otherwise, we might experience additional shorts towards 4140.

Source: SpreadEx

UK 100 (1 day)

The correction to 7430 might have ended for the UK 100 index, offering a chance at the 8k should 7680, 7820 and 7940 give way to bulls. A limited raise will increase the probability of a triangle pattern while sliding under the aforesaid swing will expose 7200 through the breakdown of 7330.

Source: SpreadEx

JAPAN 225 (1 week)

The completed triangle pattern in Japan 225 index provided a boost above 32k but has not reached the measured-move target of 33400 yet. The index might consolidate before spiking higher for a likely restriction to its upward trend, with 30k offering solid support in case 30750 succumbs to bears.

Source: SpreadEx

WTI CRUDE (4 hours)

Crude oil might have put a low in at $67bbl as recent price action points to a corrective structure in an upward channel. Should prices surpass $75/bbl, the next target could be shy of $80/bbl if 77/bbl is lost. On the other hand, bears must defend $70/bbl to maintain control.

Source: SpreadEx

GOLD (4 hours)

Gold has crawled to the $2k barrier unsuccessfully in what seems to be a sideways correction, with the bottom at $1950/oz. If it gets broken, we may witness a slide towards $1900 in case  $1935/oz gives in. A break past the psychological threshold could raise the chances of a move towards $2030/oz.

Source: SpreadEx

COPPER (4 hours)               

While copper appears weak in the short-term, bearish price action could be shortlived due to a potential inverse head-and-shoulders pattern. If the price remains above the right shoulder of 360c, a jump towards 400c could be seen unless 385c acts as a stumbling block. Losing the right shoulder swing will open the door towards 350c. 

Source: SpreadEx

GBP/USD (4 hours)

A broadening wedge appears to have completed the corrective upward leg to 1.2545, with whatever respite printed having marked a substantial depth. If 1.24 remains firm, prices could slide towards 1.22 through the breakdown of 1.23 unless an upside reversal to 1.2460 gives way towards the peak of 1.2680.

Source: SpreadEx

USD/CAD (1 day)

Loonie might have completed a triangle pattern at 1.35655, kicking the door to 1.30 wide open in the longer term. If the bearish impulse accelerates below 1.3370, bulls might lose the battle and let the rate fall towards the low of 1.3262. On the other hand, recapturing 1.35 might offer some relief, but unlikely to get past 1.3538.

Source: SpreadEx

NZD/USD (4 hours)

Although a premature call, Kiwi might be onto a head-and-shoulders pattern, with the right shoulder in play. If the neckline near 0.6050 holds firm, bullish price action could see prices extend toward 0.6182, contingent on the break of 0.6112. Otherwise, the pair could depreciate towards the bottom of 0.5983 and perhaps lower.

Source: SpreadEx

BROADCOM (1 day)

The stock price of Broadcom has spiked to 920 only to receive a massive rejection for a selloff to 785. If the latter gives in to pressure, its price could close the gap to 730, provided bears have plans to re-accumulate towards 835. Otherwise, the next support lies at the 700 support, with even a sideways mode expected to keep wild fluctuations at play.

Source: SpreadEx