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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Wall Street (4 hours)

Wall Street is currently in upward movement where higher highs and lows have been posted. The price managed to break the bullish flag to the upside which is a strong signal that the buyers are still in control of the market. The next upside target for Wall Street could be the 33,460 level and if the bulls continue to overwhelm the bears, the price could reach the 34,000 mark.

Source: SpreadEx 

UK 100 (4 hours)

The bulls showed strength by pushing the price higher since the end of May. The index breached the bullish flag to the upside after posting a higher low on June 4. If the current 4-hour bar closes above the 7,625 mark, this could lead to a further move to the upside toward the 7,680 level.

Source: SpreadEx 

Germany 40 (4 hours)

The price of GER40 broke out from a bullish pennant to the upside. This indicates that the bulls are still taking charge of the price movement. The index is trading inside a steep bullish channel where the price is trying to break the strong resistance level around 14,600 mark. If we have a breakout and a close above this zone, then we could see the price of GER40 reaching the 15,000 level.

Source: SpreadEx 

Gold (4 hours)

Gold is bouncing inside two key levels, which are 1,830 and 1,875. The market failed to break the 1,875 mark to the upside, which led to a reversal and big selling pressure. The current sideways action looks like a correction before the overall downtrend continues with 1,830 the next major support.

Source: SpreadEx 

Silver (4 hours)

The price of silver is trading inside a bullish channel formation. The market failed to break the 2,245 mark to the upside where it faced a strong rejection from the resistance level. The price is now approaching the same zone with good momentum. If it succeeds to break the 2,245 level to the upside and close above it, we can see silver reaching the 2,310 mark.

Source: SpreadEx 

Brent Crude (4 hours)

Brent Crude Oil is bouncing inside a bullish channel pattern where it is posting higher highs and lows. On Friday, the price of Brent Crude Oil took off and moved to the upside after a correction. It reached the 122 mark but failed to break it. The overall uptrend would indicate a slight correction before a new bullish impulsive wave to the upside to break the 122 level.

Source: SpreadEx 

GBP/USD (4 hours)

Cable posted a double bottom formation near a strong support level (1.2475 mark) which led to a reversal and a move higher. The market is struggling to break the bearish trend line to the upside, where another failure could see the support taken out. More likely the market will continue its move upward to test the 1.2600 mark.

Source: SpreadEx 

EUR/USD (4 hours)

EUR/USD was in a clear upward movement where it entered into a bullish flag formation. It succeeded to break the pattern to the upside but faced a kind of rejection near the strong resistance area around 1.0760. A correction has been posted which led to a higher low that could be a preparation for the buyers to breach the 1.0760 level. If this scenario occurs the price could be seen near the 1.0925 mark.

Source: SpreadEx 

USD/JPY (4 hours)

The price of USD/JPY reversed the downtrend in early June and has moved higher in a healthy uptrend which can be shown by the big bullish bodied bars and the swing highs that are distant from each other. A successful test of the strong resistance near 131.20 could see a pullback to 129.60 or potentially 128.50.

Source: SpreadEx 

SPX 500 (4 hours)

After the recent upward movement, the SPX500 entered into a parallel channel that has support & resistance zones at the 4,085 & 4,200 levels respectively. Lately, the price was rejected from the lower end of this range and moved higher. While above 4,085, probability favours a further move to the upside toward the 4,200 mark.

Source: SpreadEx