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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SPX 500 (4 hours)

SPX traded down to form a sideways consolidation, with prices forming a double-bottom following a double-top pattern. If bulls lose 4050, prices may continue to descend toward 3950 unless there is an attempt at or above the upper range near 4190.

Source: SpreadEx

RUSSELL 2000 (4 hours)

Russell 2000 has been trending lower but reached consolidation around 1700, forming a triple-bottom. If bulls take over 1800, a bullish breakout towards 1870 may be seen. Conversely, if the support breaks, increasing shorts could drive prices toward 1650.

Source: SpreadEx

UK 100 (4 hours)

UK’s 100 index has bounced at 7700 after completing a flag unless the bearish pattern concludes lower toward 7590. If bears fail to move prices beneath 7650, a crawl toward 7940 may occur if 7820 is breached.

Source: SpreadEx

LIGHT CRUDE (4 hours)

Having taken the previous support at 64.30 out, WTI appears to be under an open triangle formation, with a potential target above 83.40. If prices retreat below 67.5 again, the bearish trend may continue towards the 60 handle, while a move past 74 could signal further gains towards 77 and eventually complete the triangle higher.

Source: SpreadEx

GOLD (4 hours)

Gold’s correction following the triangle breakout remains at risk of becoming a full-blown reversal if 1980 succumbs to pressure, sending the metal toward 1965. Conversely, if buyers can re-establish dominance above 2050, an opportunity for a leg toward 2085 may be provided.

Source: SpreadEx

NATURAL GAS (4 hours)               

Natural gas prices dropped to 2.00 last week, resembling a terminal wedge pattern should one more leg down under 1.95  is seen. If buyers can successfully send prices back above 2.55, it could invalidate the pattern. However, a decent attempt at 2.25 will be required first, anyway. Otherwise, prices may head toward 1.90.

Source: SpreadEx

EUR/USD (4 hours)

EUR/USD hit a top at 1.1092 and reversed near a potential triangle low under 1.10. Prices could be on course to 1.0943, with a break below leading to further possible deterioration, eventually resulting in a fall back to 1.09. Contrary, if the short-term base holds or prices turn to the upside, the breach of 1.11 could see prices move toward 1.12.

Source: SpreadEx

AUD/USD (4 hours)

Aussie showed strong support around 66 cents, forming a double-bottom and looking at building a potential consolidation—the upper bound points to 68 cents, with a further breakout opening the door to 0.6854. If 0.6718 fails as support, downward activity may push prices back to the lower end of the range.

Source: SpreadEx

GBP/JPY (1 day)

The recently completed triangle pattern at 158.27 led the GBP/JPY to the peak of 171.20, where a double-top formation ended. If bulls can sustain prices above 167.19, an opportunity for further upside toward the measured move target above 175.00 may be seen. Any slide lower could potentially take the pair under 164.00, exposing lower territories.

Source: SpreadEx

DR. MARTENS (4 hours)

Dr. Martens might have finished a wedge pattern with its third leg down at $127 and has since soared higher. If the trend continues, it may take the stock price as high as the $215 mark should bulls capture the $200 handle. Conversely, if the local support at $160 fails, a deeper correction might develop, possibly inducing a descent toward $145.

Source: SpreadEx