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 (1 day)

The SPX 500 could be heading towards the completion of a rising wedge pattern, with the previous peak of 4330 nearby. A break past it would expose 4390 but unlikely 4470. If the regional low at 4250 holds firm,  we might experience a consolidation, but a breakdown might clear the path to 4100 should 4200 succumb to potential pressure.

Source: SpreadEx

RUSSELL (1 day)

A triangle might be in the works in Russell 2000 as long as bears keep the 2k under their control. With the recent upward impulse receiving rejection by the golden pocket, the pattern might be already complete, bringing 1820 and 1735 into focus. Contrarily, the swings of 1970 and 1935 lie ahead of the 2k threshold.

Source: SpreadEx

WALL STREET (4 hours)

It seems that Wall Street has printed a flag at 32600 as the rising price action resembles an impulse. If bulls can reclaim 34k, we might see an attempt at 34500 should 34260 give in unless prices consolidate. On th4 flip side, 33300 is the first support to meet above 33250 in case of markets correcting first, with a slide below likely to see increasing interest towards 33k.

Source: SpreadEx

SILVER (4 hours)

The price of silver appears to be in a broadening wedge pattern, opening speculation for further accelerations towards $25.00/oz and maybe 25.30/oz if momentum persists. Near the end of the pattern, a correction might send prices towards $23.50/oz should $24.11/oz ease, with a lower breakdown exposing $22.80/oz.

Source: SpreadEx

GOLD (4 hours)

Gold’s continued consolidation resembles a triangle pattern which, if successful, could send prices dropping towards $1915/oz in the aftermath of a $1950/oz breakdown. A move past the double-top formation of $1985/oz could see a spike towards 2k but unlikely 2030/oz.

Source: SpreadEx

LONDON GAS (4 hours)                  

While London gas’ structure appears corrective, a wedge followed by a 5-wave flag off 650c could indicate further upside towards 745c in the immediate aftermath of a potential triple-top breakout. The thesis requires firmness of 670c or risks a decline toward 635c via the support at 655c.

Source: SpreadEx

EUR/CHF (1 day)

A flag pattern appears completed in EUR/CHF as the breakdown continues, with focus under 0.9672  shifting to 0.9644 and 0.9552, albeit longer-term price action hints at lower territories. If bulls can reclaim the double top of 0.9763, the pair could see an upward move towards 0.9822 but is unlikely to reach 0.9881.

Source: SpreadEx

USD/JPY (2 hours)

Price action in USD/JPY also resembles a triangle pattern, which, if invalidated, could have serious repercussions to the bearish side, especially following a slide under 138.74 and 138.45. If bulls can take control of 140.25 or 140.45, an opportunity to reach the regional peak of 140.95 could be offered.

Source: SpreadEx

GBP/AUD (4 hours)

The medium-term formation of GBP/AUD resembles an early-stage head-and-shoulders pattern, with the left shoulder and the neckline complete. If the bottom of 1.86 holds firm, it could validate the beginning of the right shoulder to 1.90 unless 1.8814 or 1.8858 ruin bullish bets. On the flip side, losing the floor might see prices fall towards 1.84.

Source: SpreadEx

BOEING (1 day)

The stock price of Boeing appears to have completed a triangle pattern, with the measured-move opening the door to a final destination of $245 should the $230 resistance break. Currently, the stock is stuck under a double-top formation at $222, and it could slide lower towards $200 before peaking again if $208 softens. However, a break under $193 would invalidate the triangle.

Source: SpreadEx