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.

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US Tech 100 (4 hours)

The US Tech 100 failed to reach 12,500 on its latest rebound and slid towards the 12,000 handle. While below the ascending trendline, it opens the door to 11,750. Inversely, moving past 12,500 might offer bulls a chance at 13,000.

Source: Spreadex Trading Platform

SPX 500 (4 hours)

The SPX 500 lost the round support at 4,000 but trades within the base channel as 3,900 holds firm. Below there, 3,800 is immediate support before any downward continuation. If the 4,000 handle is recaptured, 4,100 and the top of the channel near 4,200 come back in focus.

Source: Spreadex trading platform

UK 100 (4 hours)

The UK 100 index failed to reach the 7,000 handle in its latest decline with support just above 7,100. The level is expected to hold for at least a bounce, with increasing demand exposing the tops of 7,300 and 7,350. In the event of an early rebound or idle momentum, a range could form.

Source: Spreadex trading platform

Gold (4 hours)

Gold fell to the 1,700 round number in line with a bearish channel, where a rebound has sent the price to 1,730. Sufficient bullish interest would bring the channel top near 1,740 back on the table. If 1,750 weakens bulls would exit the trend and eye 1,170 next. But if the bottom is lost, 1,680 could be revisited.

Source: Spreadex trading platform

Natural Gas (4 hours)

Natural gas has bounced before a retest of 8.50 to form a double bottom and has printed a bullish flag and an inside reversal bar. If the low is in, 10.00 will be major resistance for bulls where at least an initial rejection is expected. Reattempting the 8.50 support is possible, but it would increase the chances of a breakdown to 7.70.

Source: Spreadex trading platform

Brent Crude (4 hours)

UKBRENTOIL slid back to 92.0 again and formed a double bottom. Sufficient demand would expose 100.0 as a range top with the probability of reversal increased above 105.0. If the support is lost, 90,00 is immediate target, with the 138.2 Fibonacci of the 92,00-105,00 leg near 86,00.

Source: Spreadex trading platform

GBPCHF (4 hours)

GBP/CHF broke outside its triangle pattern and could slide towards 1.1176 where it is expected to find support by the measured move extension. Any upside attempts are likely to meet resistance with 1.1300 making a strong case below 1,1350. The Fibonacci 161.8% extension of the 1.1300-1.1425 leg at is below at 1.1220. 

Source: Spreadex trading platform

GBP/USD (4 hours)

GBP/USD plunged below the 138.2% Fibonacci of the 1,1750-1,2300 leg at 1,1550 with the 161.8% at 1,1425 as the next stop above the round 1,1400 and 1,1350 levels. In an accelerated downward trend, relief would be only seen if bulls manage to breach the descending trendline. 1,1500 becomes resistance in such an event, with 1,1600 above if bulls build a good base.

Source: Spreadex trading platform

EUR/USD (4 hours)

EUR/USD breached the lower end of the range at 0.9900, opening the door to 0.9827 and 0.9780 if momentum gains traction. There, the 138.2% and 161.8% of the 0.9900-1.0090 leg lie. 0.9954 is gap resistance before any attempt at parity and the range top of 1.0100.

Source: Spreadex trading platform

EUR/GBP (4 hours)

EUR/GBP is in a clear accelerated trend with a pullback back towards the 0.8600 support underway. Short-term declines might offer bulls an opportunity at targeting 0.8700 and the previous top of 0.8720. If the round support weakens prices might retest the top of the base channel unless bears eye the swing low of 0.8550.

Source: Spreadex trading platform