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.

-----------------------------------------------------

SPX 500 (4 hours)

If the S&P 500 continues to trade within the ascending channel connecting the troughs of 4365 and 4435, bulls may target the peak at 4550. Losing the regional low could bring 4345 back into focus. 

Source: SpreadEx

US FANG (1 hour)

The FANG index has probably formed a wedge pattern to 7940, pending pullbacks towards 7625 unless momentum strengthens to expose 7340. If bulls reclaim the short-term resistance at 7865, the break of the could send prices towards the 8k handle.

Source: SpreadEx

FRANCE 40 (4 hours)

Higher lows and lower highs have formed a symmetrical triangle in France 40, with increasing chances at breaking past 7400. If prices slide, losing 7100 may invalidate the pattern, with 7k as the next significant support to watch.

Source: SpreadEx

GOLD (4 hours)

Gold may be in a triangle, too, unless $1980/oz is not the second peak, with bulls aiming at 2k. The pattern could get invalidated past $2020 an ounce, with declines targeting $1915/oz and perhaps $1900/oz.

Source: SpreadEx

SILVER (4 hours)

Despite looking sideways, silver could have also formed a triangle that ended at $22.85/oz, with a drop under $22.20 invalidating the pattern and bringing $22/oz in focus. Far from $25/oz, $23.90/oz may be one of the first significant levels to be reached.

Source: SpreadEx

BRENT (1 hour)               

While the pattern in Brent appears to be a short-term consolidation, it also resembles a triangle pending breakouts towards $93/bbl. The final trough may not be completed, but above $89.30/bbl the pattern will likely prevail. Sliding lower will bring $88 a barrel closer.

Source: SpreadEx

GBP/CAD (4 hours)

With bulls failing to take over the top of 1.7340 and the short-term resistance at 1.7094, the likelihood of a triangle or range remains high. If bearish action reaches 1.6872, the triangle would be invalidated, whereas a rejection near 1.70 could form a triangle towards or past 1.72.

Source: SpreadEx

USD/JPY (4 hours)

With a triple top at 147.80 in, short-term declines may continue, increasing the chances of forming a broadening triangle. If the lack of demand continues, the chances of revisiting 144.44 will increase and bring 143.90 in closer proximity. Otherwise, a leg towards the top will see the probability towards 150 rise.

Source: SpreadEx

EUR/JPY (4 hours)

Price action in EUR/JPY appears bearish, with a wedge completion potentially opening the door to 154 unless 155.85 holds firm. A rejection could see some respite towards 158.50, with an increase in long bets inspiring bets towards 159.80.

Source: SpreadEx

ASHMORE GROUP (1 day)

The price of Ashmore has either completed or is near completing a wedge pattern, with chances of easing to the low of 176.80 still high. Breaking the short-term swing at 184.70 may see prices form a double bottom without invalidating the wedge. If a takeover of 201 leads to a move towards 220, the pattern will likely be completed.

Source: SpreadEx