Weekly Technical Analysis
Weekly Technical Analysis
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.
NOTE: These charts use the ‘Pro Trading Tools’ available on the SpreadEx trading platform. To use them, log in to your SpreadEx Financials Account and click ‘Technical’ from the menu on any chart.
WEEK COMMENCING 7TH OCTOBER 2024
Summary
| Instrument | Trend | Phase | Price | VWAP (20) | Support | Resistance | RSI |
|---|---|---|---|---|---|---|---|
| Germany 40 | Bullish | Corrective | 19045 | 19000 | 18510 | 19507 | 53 |
| UK 100 | Neutral | Consolidation | 8288 | 8286 | 8220 | 8347 | 51 |
| Wall Street | Bullish | Impulsive | 42136 | 4120 | 41464 | 42587 | 57 |
| Brent Crude | Bullish | Impulsive | 79.38 | 73.86 | 69.05 | 79.20 | 65 |
| Gold | Bullish | Corrective | 2652 | 2629 | 2557 | 2700 | 63 |
| EUR/USD | Bullish | Corrective | 1.0962 | 1.1105 | 1.09 | 1.1248 | 34 |
| GBP/USD | Bullish | Corrective | 1.3074 | 1.3262 | 1.3070 | 1.3484 | 38 |
| USD/JPY | Bearish | Corrective | 148.34 | 143.9 | 139.02 | 149.07 | 64 |
*KEY
Trend direction is set by the slope of the VWAP
Trend phase is determined by the current price relative to the VWAP (20) level and Elliot waves
Support & Resistance are set by the StdDev #2 Lower and Upper respectively.
Momentum is determined by the RSI level (70 as overbought and under 30 as oversold).
Analysis
Germany 40
Germany 40 remains bullish but has shifted into a corrective phase. The price is 19,045, just above the VWAP (20) of 19,000. Support is at 18,510, with resistance positioned at 19,507. The RSI of 53 reflects neutral momentum, signalling the potential for further consolidation.
UK 100
UK 100 continues its neutral stance, staying in a consolidation phase. The price is 8,288, almost aligned with the VWAP (20) of 8,286. Support is seen at 8,220, while resistance lies at 8,347. The RSI of 51 indicates balanced momentum, suggesting no immediate directional bias.
Wall Street
Wall Street remains in a bullish trend, with the price in an impulsive phase. The current price is 42,136, significantly higher than the VWAP (20) of 41,120. Support is at 41,464, with resistance at 42,587. The RSI of 57 reflects continued bullish momentum but within more moderated levels.
Brent Crude
Brent Crude has quickly switched to a bullish trend, now entering an impulsive phase. The price is 79.38, comfortably above the VWAP (20) at 73.86 after a massive weekly rally. Support is at 69.05, while resistance sits at 79.20. An RSI of 65 signals solid bullish momentum, suggesting further upside potential.
Gold
Gold continues to trend upward but has entered a corrective phase - more via time than price, which has stayed in a tight range, currently at 2,652, just above the VWAP (20) of 2,629. Support is found at 2,557, while resistance is at 2,700. The RSI of 63 indicates strong bullish momentum, although a potential slowdown could occur.
EUR/USD
EUR/USD remains bullish but has entered a corrective phase. The current price is 1.0962, just under the VWAP (20) of 1.1105. Support is found at 1.0900, while resistance lies at 1.1248. The RSI of 34 signals weakening momentum, suggesting potential for further correction.
GBP/USD
GBP/USD is still bullish, now in a corrective phase. The price is 1.3074, slightly below the VWAP (20) of 1.3262. Support is at 1.3070, with resistance at 1.3484. The RSI of 38 reflects a slowing bullish momentum.
USD/JPY
USD/JPY remains in a bearish trend but has entered a corrective phase. The price is 148.34, just above the VWAP (20) of 143.90. Support is located at 139.02, with resistance at 149.07. The RSI of 64 signals a major shift, with momentum edging towards bullish territory.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
