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 (1 day)

While Wall Street fell to 35k following a lack of momentum towards 36k, prices remained above the 34920 support, keeping upside speculation open. Above the round hurdle lies the 36500 resistance, whereas expected support at 34180 may reveal a wedge pattern.

Source: SpreadEx

UK 100 (1 day)

UK’s top 100 stocks index appears to consolidate in an asymmetrical fashion, increasing the chances of a descending triangle formation. Bulls must defend 7230 and bears 7935 for the pattern to play out, with short-term levels settled by 7390 and 7800.

Source: SpreadEx

RUSSELL (1 day)

A triple-top formation has raised the chances of further declines in Russell unless bulls can reclaim 2025 for an attempt at 2060. Lack of bullish momentum may provoke downward price action towards 1910, with support lower down at 1850. 

Source: SpreadEx

SILVER (4 hours)

Silver has declined enough to increase speculation for a triangle pattern, pending further upside towards $25.45/oz but expected to fall short near $24.60oz. If prices descend under $22.30, a flag could be seen instead, opening the door to $21/oz and perhaps lower. Breaking past the regional top may extend gains towards $26/oz.

Source: SpreadEx

LIGHT CRUDE (1 day)

WTI oil reached a top at $83.20/oz, forming a triple top and offering some profit-taking towards $78.60/bbl but unlikely $75.00/bbl. Penetrating the top might accelerate bullish bets towards $87.20/bbl, with an interim stop at $85.20/bbl.

Source: SpreadEx

PLATINUM (4 hours)               

Platinum prices slid near the regional low at $900/oz to raise speculation for a double-bottom formation. If bulls can recapture $960/oz before further drops, the chances of falling to the base will reduce, with the probability of reaching triple digits increasing. A lack of bullish momentum at the bottom may open the door to $880/oz.

Source: SpreadEx

USD/JPY (4 hours)

USD/JPY may be forming a triangle pattern, pending further drop towards 138.86, without falling under the regional low of 137.25.  If bulls take control of the 143.90 top, the likelihood of winning over 145.00 will increase.

Source: SpreadEx

AUD/USD (4 hours)

The swing low at $0.6515 may be temporarily seen as the bottom, but the double-top shy of 69 cents suggests an extended leg to the base of $0.6457. If bulls can push prices past $0.6623 the pair could advance to 67 cents. Conversely, losing 65 cents may see the descent pan out sooner than expected. 

Source: SpreadEx

GBP/CHF (1 day)

GBP/CHF received rejection 1.11, where bulls have been seen repelling bearish bets several times. Prevailing will increase the chances of crossing past the 1.12 handle, paving the way to 1.13. Price could fall as low as 1.10 to invalidate the range low, though, with a move under there likely to settle at 1.0947.

Source: SpreadEx

GOODYEAR (1 day)

The stock price of Goodyear completed a pennant down at $13, but the succeeding raise didn’t manage the keep price action bullish, as prices fell below the pennant low. However, if $12 holds firm, a move towards the peak at $16.50 may be seen. Otherwise, penetration of the pre-pennant range could see increased downward price action, opening the door to $9.70.

Source: SpreadEx