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 formed a double-bottom at 32500 last week, starting an upward leg to reclaim the 33k handle. 33500 in near-term resistance above there, and 33850 a likely peak. Losing the base might expose the bottom again, with 32250 next.

Source: SpreadEx

UK 100 (2 hours)

The head-and-shoulders formation identified last week is still at play, with the right shoulder a tad higher at 7975. There is room to crawl towards the 8k threshold and still confirm the pattern, but unlikely to get back to the record high of 8050. Sliding under 7880 will increase the chances of a bearish continuation towards 7780.

Source: SpreadEx

HONG KONG 50 (2 hours)

The Hong Kong index has broken the bearish trend in the short term and is experiencing a crawl away from the 20k support. A flag or pennant pullback anywhere above the said floor might offer late bulls the opportunity to join the new direction for a move towards 21300. Failing to hold the line might clear the path to 19370.

Source: SpreadEx

BRENT CRUDE (4 hours)

Brent continues to trade within a potential triangle pattern, but it could get invalidated above 87.00. Moving above the swing high will increase the prospect of extending gains towards 90.00 unless 89.00 acts as a stiff resistance. Crumbling below 82.30 might support the triangle case, with potential weakness below 79.00 increasing the chances of validation.

Source: SpreadEx

GOLD (2 Hours)                    

Gold bears failed to extend to the round support of 1800,  with bulls taking the opportunity to engage in short-covering to 1864. If the resistance holds, the commodity could fall to 1827 and form a flag or pennant as it moves impulsively higher. However, a break past it might see added upside bias towards 1900, with 1873 a likely resistance.

Source: SpreadEx

SILVER (2 Hours)

Silver rose to 21.40 after putting a local low in at 20.50 but remains at risk of further losses under the 22.00 handle due to its corrective nature. A downward leg could see the support revisited, bringing 20.00 in focus. If the commodity prints a wedge instead, it could drive prices to 21.75, and perhaps higher if a potential pullback is shallow.

Source: SpreadEx

EUR/GBP (4 hours)

The pair might have put a top at 0.8896 in as part of a wedge correction expected to continue towards the 0.8700 hurdle. If bearish bets wane, the drop might halt near 0.8755, provided 0.88 succumbs first. On the flip side, reclaiming the 0.89 peak could provoke long positions past 0.8950.

Source: SpreadEx

USD/CAD (1 hour)

USD/CAD seems to be nearing the completion of a triangle pattern, invalidated under 1.3534 and confirmed above 1.3665. In the former case, 1.3473 is the next support. As the pair remains impulsive upwardly, the correction could manifest into a measured-move leg upwards of 1.3700.

Source: SpreadEx

GBP/AUD (4 hours)

GBP/AUD appears in a corrective mode, likely a flag pattern, expected to rise past the top of 1.8031 in the near future. If the swing low at 1.7715 and the 1.7700 round level give in, the next major support lies at 1.7623.

Source: SpreadEx

BOEING (2 hours)

Boeing tapped the territory below the 200.00 handle to collect some stops before spiking towards what seems to be a leg above the peak of 221.00. With the flag likely complete, the upside might offer a chance at a fresh multi-month high at 230.00 unless the pattern is incomplete or we form a double top. Failing at the 200.00 barrier will increase the probability of a gap-fill at 190.00.

Source: SpreadEx