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 9th DECEMBER 2024
Summary
| Instrument | Trend | Phase | Price | VWAP (20) | Support | Resistance | RSI |
|---|---|---|---|---|---|---|---|
| Germany 40 | Bullish | Impulsive | 20433 | 19500 | 18519 | 20450 | 77 |
| UK 100 | Neutral | Consolidation | 8325 | 8245 | 8066 | 8423 | 59 |
| Wall Street | Bullish | Impulsive | 44614 | 44277 | 43101 | 45454 | 59 |
| Brent Crude | Neutral | Consolidation | 7159 | 7253 | 7032 | 7474 | 44 |
| Gold | Neutral | Consolidation | 2648 | 2640 | 2579 | 2704 | 49 |
| EUR/USD | Bearish | Correction | 1.0555 | 1.0528 | 1.0632 | 1.0425 | 46 |
| GBP/USD | Bearish | Correction | 1.2761 | 1.26612 | 1.2517 | 1.2805 | 52 |
| USD/JPY | Bullish | Correction | 150.32 | 152.15 | 147.66 | 156.64 | 42 |
*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 maintains its strong bullish momentum in an impulsive phase, now trading at 20,433, significantly above the VWAP (20) of 19,500. Support is set at 18,519, with resistance narrowly ahead at 20,450. With an RSI at 77, the index shows robust momentum, suggesting the uptrend could extend further but with a greater chance of a near term pullback.
UK 100
The UK 100 index remains neutral but is pushing into the top of its price range, trading at 8,325, slightly above the VWAP (20) of 8,245. Key support is at 8,066, while resistance lies at 8,423. The RSI at 59 indicates moderately bullish momentum, pointing to more room to run if there is a breakout higher.
Wall Street
Wall Street is firmly bullish and in an impulsive phase, trading at 44,614, well above the VWAP (20) of 44,277. Support levels are marked at 43,101, with resistance ahead at 45,454. An RSI reading of 59 reflects strong upward momentum within this positive trend.
Brent Crude
Brent Crude continues in a neutral consolidation phase, currently priced at 7159, just below the VWAP (20) of 7253. Support is positioned at 7032, while resistance stands at 7474. The RSI at 44 suggests subdued momentum, signaling a potential continuation of range-bound trading.
Gold
Gold remains in a neutral consolidation state, trading at 2,648, now slightly above the VWAP (20) of 2,640. Support is identified at 2,579, with resistance at 2,704. The RSI at 49 indicates balanced momentum, consistent with a lack of clear direction in the current price action.
EUR/USD
EUR/USD continues its bearish correction phase, trading at 1.0555, just above the VWAP (20) of 1.0528. Support is at 1.0425, with resistance at 1.0632. The RSI reading of 46 suggests weakening bearish pressure, hinting at a potential pause in the downtrend.
GBP/USD
GBP/USD remains in a bearish correction phase, trading at 1.2761, above the VWAP (20) of 1.2661. Support is at 1.2517, with resistance nearby at 1.2805. The RSI at 52 shows a slight uptick in momentum, indicating potential stabilisation in the currency pair.
USD/JPY
USD/JPY is in a bullish correction phase, trading at 150.32, just below the VWAP (20) of 152.15. Support is at 147.66, while resistance is farther away at 156.64. The RSI at 42 reflects mild bearish momentum, suggesting the pair could face further retracement in the short term.
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.
