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)

Nasdaq completed a wedge at the 13k handle and broke past the high of 13300. If prices do not overlap with the short-term floor and bulls can hold their grip above 13250, a continuation toward 14k may be possible. Otherwise, the index will be exposed to the round support again.

Source: SpreadEx

WALL STREET (4 hours)

Wall Street might have put a pennant in at the 33100 support unless prices fall under 32930. In that event, the right shoulder of a potential H&S may form down at 32500. Otherwise, a move past 33780 will bring 34k and the high of 34100 back on the bulls’ radar.

Source: SpreadEx

GERMANY 40 (4 hours)

Germany’s 40 index reached a double top at 16k after putting in an open triangle pattern by 15660. With a flag under possible formation, bulls might push prices toward 16250 unless we witness a triple top. The break under 15750 might open the door to 15500 if the triangle low succumbs to potential pressure.

Source: SpreadEx

BRENT CRUDE (4 hours)

Brent oil formed a double top at $77.50/bbl and slid to a potential flag correction unless the low at $71.50/bbl gives way to $70/bbl. If bulls fail to reclaim the top for a chance at $80/bbl, we might experience a consolidation. 

Source: SpreadEx

SILVER (4 hours)

Silver’s upward leg ended in tears after the triangle breakout to $26.50/oz as prices tumbled under $27.70/bbl and toward $23.70/oz. If bears increase bets below the said support, it might clear the path to $23/oz and perhaps $22/oz Otherwise, holding the line might see a bounce to $25/oz, but unlikely $25.40/oz.

Source: SpreadEx

GOLD (4 hours)               

Gold managed to stay above the $2k handle, but losing it will expose the triangle low of $1980/oz and perhaps $1950/oz. A bounce toward 2050/oz might provide the impetus for further upside toward record highs, while a failure past it could enact a sideways consolidation.

Source: SpreadEx

EUR/USD (4 hours)

EUR/USD put a wedge shy of $1.11 and reversed under $1.10 and $1.09, making good resistance levels in case of a surprise upside. With the second trough at $1.0910 broken down, the first through near $1.0712 comes into the spotlight, but only if the swing of $1.0787 gives in. 

Source: SpreadEx

NZD/USD (4 hours)

Kiwi formed a double top at 0.6380 and reversed under 0.62 temporarily. Further demand for shorts might provoke a move toward 0.61 but requires the break of 0.6182 first. A respite to 0.63 might be seen if bulls can reclaim 0.6275. 

Source: SpreadEx

GBP/CHF  (4 hours)

The GBP/CHF pair has completed a rising wedge, opening the door to fresh highs toward 1.1365 in case of a 1.1278 breakout. A deeper correction might be seen, though, with 1.1027 acting as major support should the low of 1.1150 weakens. 

Source: SpreadEx

JD SPORTS FASHION (4 hours)

JD might have just finished a triangle pattern down at $160, paving the way to $186 and beyond following the successful break past $178. However, the chances of the triangle being incomplete remain high, especially if the short-term resistance is not reached. Consequently, if bulls lose $168 during a potential battle, we might see a slide toward $156.

Source: SpreadEx