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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US TECH (4 hours)

US Tech has started to fall after completing a rising wedge pattern. Sliding below 11400 might expose 11200 and the 11k handle, whereas an uptick higher might bring the 12k handle back into play. Breaching the top might send the index near 12500 for a trendline rejection.

Source: SpreadEx

UK 100 (4 hours)

UK’s 100 index slid into a flag pattern with 7300 back into the radar. If the pullback is shortlived, it might expose a cup and handle pattern, with the handle eying the peak of 7620 as a short-term top. Losing the support might lower bids at 7230, with chances of the pattern being revealed decreasing.

Source: SpreadEx

Germany 40 (1 hour)

Germany’s 40 index pattern resembles a head-and-shoulder pattern, with the right shoulder incomplete as the neckline at 14120 hasn’t been tested yet. 14450 is the shoulder peak, and if it is reached first, the index might decelerate towards 13500. Otherwise, it might rise to 14600 and above for a new peak.

Source: SpreadEx

Platinum (4 hours)               

The prices of platinum completed a rising pennant with 1075 back in the spotlight. A reversal might follow a rejection to 970 if the 1k succumbs to pressure, whereas a breach might see prices sent to the 1100 handle and beyond.

Source: SpreadEx

Natural Gas (4 hours)

Natural gas formed a double bottom at 5.30, bouncing for some respite towards the 7.00 handle. Breaking past the short-term resistance might bring 8.00 and the peak at 8.20 back into the plan. But if the swing at 6.20 weakens, it might expose 5.40 and even 5.00.

Source: SpreadEx

Brent Crude (4 hours)

Brent crashed below 80.70 following a bounce to 89.40 last week and completing a flag. With 75.00 acting as support, an upward spiral near 80.00 might be seen. If bearish momentum increases, it might pave the way towards 70.00.

Source: SpreadEx

AUD/USD (4 hours)

Aussie’s price action started to show waning momentum, resembling a rising wedge. Typically, the third peak brings a deep pullback. With two peaks in, the third might be closer to the 69c, where 70c will be nearby too. A reversal there might see prices slide to 0.67 and eventually 0.66. 

Source: SpreadEx

USD/CHF (2 hours)

USD/CHF has either completed or is near completing a falling wedge pattern near the 0.9300 handle. A reversal might send prices soaring towards 0.96, with 0.9457 and 0.9550 interim resistances. Sliding lower might clear the path to 0.92

Source: SpreadEx

EUR/GBP (4 hours)

EUR/GBP might have also completed a falling wedge, or it’s in the works of doing so. If 0.8550 is revisited, it might offer a bounce towards 0.865. But it might get there without falling. Above the peak, 0.8676 and 0.87 are major resistance levels to keep an eye on. Below the biweekly support, there lies 0.85.

Source: SpreadEx

Boeing (1 day)

Boeing appears in an ascending channel or rising wedge after putting in a low at 112. With prices above the 172 swing, the stock might accelerate towards the 200 handle where a rejection might be seen. Breaking above brings the 230 in focus. Losing the swing support might see the price decline to 150 if the 162 support gives in to pressure

Source: SpreadEx