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.

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Wall Street (4 hours)

After last week’s continued sideways price action, Wall Street peaked at 33500 and could not slide below 32800. Its price action resembles a triangle, with an imminent breakout at play. 32500 is major support above 32k, but a break higher will bring the 35k handle back in focus if 34k gives in.

Source: SpreadEx

UK 100 (1 week)

The UK 100 index soared to the multiyear high marked above 7700 following a pennant, but the risk of a quadruple top formation remains elevated this week. 7900 is the May 2018 resistance below the 8k handle in a breakout case unless a rejection shifts price action towards 7300. In the interim, 7500 could act as support if bears managed to send the index below the swing of 7625.

Source: SpreadEx

Germany 40 (1 day)

The German index is headed towards the 15k handle unless prices continue consolidating on a double-top formation for a long pennant. With a local low in at 13700 and the 14k round support to defend bearish momentum, the chances of breaking past 14675 are increased. Entering the zone above the 15k handle could offer an upward spiral towards the 16k, with 15500 as a potential rejection level. 

Source: SpreadEx

GOLD (1 day)               

Gold extended its wedge formation to 1882, which appears to have put a top in, given the immediate rejection at the June ‘22 high. 1845 is critical retest support, otherwise, losses could extend towards the 1800 handle. If the swing low offers a rejection instead, or there will be no pressure at the peak, prices of gold could head to 1900 next, with chances of breaking past and towards the 2000 psychological resistance slim unless an interim swing offers a breather.

Source: SpreadEx

Natural Gas (1 day)

Natural gas could have already found support at 3.50 as prices formed a low there back in December 2021. If bulls fail to hold the line and prices slide through to 3.00, it could expose the commodity to lower levels. Despite the strong bearish momentum, it appears to weaken, with chances at 5.30 more likely (especially if the 5.00 handle breaks), contingent on the strength of a potential bounce and a double-bottom formation.

Source: SpreadEx

Brent Crude (4 hours)

Brent oil prices have had a poor week after the commodity fell towards the swing low of 75.00, finding local support at 77.70. The decline over the past two days of last week was accompanied by momentum, it brings 70.00 on the radar. But some respite could be seen before a fallout unless the potential for a flag dwindles amidst a failed attempt at a double bottom.

Source: SpreadEx

GBP/USD (4 hours)

Cable registered a 6-week low to end a flag pattern at 1.1840, with the tap into lower territories opening the door to 1.1750. There is potential for a head-and-shoulders pattern at 1.2145 and 1.2350. The likelihood of a breakdown will increase if bears step in early in the week. If so, 1.1650 is major support.

Source: SpreadEx

EUR/USD (4 hours)

It appears that EUR/USD had fallen to a 1-month low before it started to recover some of the losses, but 1.05 received increased bets, it could offer an upward spiral towards 1.0700 and the ceiling at 1.0750 as it seems a flag has completed. If the 1.0420 low gets broken, we could see a revisit of 1.0400 and even 1.03, depending on momentum, but also 1.0800 if prices break past the local peak.

Source: SpreadEx

Exxon Mobil (4 hours)

Exxon seems to be consolidating, but above the 100-round level, it remains biased up. Closer to 110 than 105, bulls could boost the stock towards the 115 top and beyond as the pennant appears complete. Due to structural overlaps, however, we are unlikely to see a successful breakout past the local top, as price action seems corrective, leaving the stock sensitive to interpretation. 

Source: SpreadEx

AVACTA (1 day)

The stock could have put a low in, given its resemblance with an inverse head and shoulders pattern. Equally, the current consolidation seems to be in a triangle pattern, looking for an imminent breakout. Breaking past 145.00 could get us to 160.00, where an initial rejection can be expected. But if the stock slides towards the low at 100.00, it will increase the chances of failure and open the door towards 50.00 again.

Source: SpreadEx