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)

While price action on the SPX 500 appears more impulsive to the downside, recent swings suggest a potential consolidation, pending a 4330 or 4200 breakout. An increase in demand could see the index extend towards 4430, whereas support can be seen at 4130 on the flip side.

Source: SpreadEx

US TECH 100 (4 hours)

The spike to 15k has stalled Nasdaq for now, but even if there is a continuation to 15250, the pattern may still be a wedge, leading to further drops towards 14430 via 14750. Moving past the swing high could drive the price to 15415, eventually putting a low in.

Source: SpreadEx

HONG KONG 50 (1 day)

Despite rising in the short and perhaps medium term to 19k, the Hong Kong 50’s index may be due another leg down, completing a wedge if one has not ended already at 17k. Losing the regional floor could clear the way to 16k.

Source: SpreadEx

GOLD (1 day)

Failing to move past $1900 might instigate further pressure on gold, pointing to the measured-move low of $1780 an ounce in the medium. $1820 and the round support of $1800 would have to give way to bears, with chances past the barrier above opening the door to $1920/oz.

Source: SpreadEx

WTI CRUDE (4 hours)

Crude oil’s bounce could be on its way to form a range if bulls fail to reclaim the top at $94.25 a barrel, with a triangle more likely if the recent upside ends near $90. Sliding under $80 would open up speculation for a drop to $77.5/bbl, where a head-and-shoulders neckline could form.

Source: SpreadEx

NATURAL GAS (1 day)               

The price of natural gas accelerated outside the ascending channel it’s been trading in since April, raising chances of additional gains towards $3.77/cf unless bulls lose $3.25/cf. A fakeout could see prices decline towards the $3 threshold, raising the prospect of a broader flag pattern below $2.75/cf.

Source: SpreadEx

EUR/USD (1 hour)

Recent momentum has seen a reversal in EUR/USD, pointing to weakness towards the regional low of $1.0483 unless $1.05 holds firm. This may lead to additional supply pressure, bringing $1.0445 into focus. Stronger bulls could push prices to $1.06, with chances at $1.0650 also elevated there.

Source: SpreadEx

GBP/CHF (2 hours)

The pound has consolidated against the Swiss franc for a while now, but the narrowing of price action points to an imminent triangle breakout. Losing 1.1055 could accelerate declines, paving the way to 1.10, whereas a rise past 1.1150 may send prices as high as 1.1215 without invalidation.

Source: SpreadEx

AUD/USD (1 hour)

The upside pattern in AUD/USD appears corrective, with the recent rejection at 0.64 seen as increasing the chances of a wedge. Both support at 0.6312 and 0.6285 must break for the pattern to play out eventually. Conversely, an increased appetite for longs could trigger a leg towards 0.6450.

Source: SpreadEx

SHELL (1 day)

The stock price of SHELL has broken a triangle pattern and could head to 32.50 (the measured-move projection) before pulling back. While above 26.20, the probability of upside remains elevated, with a break under the triangle high of 29 still seen as short-term.

Source: SpreadEx