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.
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US Tech (4 hours)
The US Tech index reached a high of 11570 early Monday and remains comfortably away from the 11k handle. Gaining traction towards the 12k could offer a breakout towards 12900 and confirm the leading wedge pattern. Otherwise, it could print a parallel channel instead and slide lower.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
UP |
11000 |
11500 |
12000 |
UK 100 (1 week)
The FTSE has another surge towards 2018’s highs of 7900 and could reach the 8k handle and beyond if bears fail at a double top formation. 7690 is now short-term support, with 7220 a major stronghold of defence, but it still won’t invalidate the flag pattern even if reached.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Up |
7690 |
7700 |
8000 |
Germany 40 (1 day)
Germany’s 40 index made its way up to a 1-year high above the 15k handle with near-term resistance below the 16k ceiling at 15740. Maintaining a position above 14700 could accelerate the trend as the pennant pattern is confirmed.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Up |
14700 |
15000 |
15740 |
Silver (1 day)
Silver prices remain somewhat mixed, below 24.80, with 22.40 on the opposite side of the market. If bulls recapture the top, it could send the commodity towards 26.50, but the ending wedge could lead to a steep decline.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Up |
22.40 |
24.00 |
26.50 |
Gold (1 day)
The price of gold broke to fresh multi-month highs after confirming a leading wedge pattern, bringing the 2k handle in closer proximity with a decent resistance at 1965. If gold bears regain control of 1880, a new downswing towards 1825 could be in the offing, and chances of remaining impulsive will decrease.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Up |
1880 |
1910 |
1965 |
Brent Crude (4 hours)
Brent oil regained control of its falling price and could have formed a leading wedge. Recapturing 87.20 could open the door to 91.50 unless we get a double-top formation. This will increase the chance of a channel and could trigger a selloff to 81.50 and the bottom of 75.00.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Up |
75.00 |
83.00 |
91.50 |
GBP/CHF (4 hours)
GBP/CHF is trading sideways but recently left the bottom range at 1.11 for a chance at 1.15. If the pair remains above 1.1280, it could break out of the short-term triangle pattern and move towards 1.1410.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
UP |
1.15 |
1.13 |
1.11 |
EUR/USD (1 day)
EUR/USD continued its ascend above 1.08 with a confirmed flag pattern. If the 1.0730 low holds firm in the event of a pullback, 1.10 will be back on the table. But if it succumbs to pressure, it could be the door opening to 1.0615.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
UP |
1.0615 |
1.0800 |
1.1000 |
USD/JPY (1 day)
A potential leading wedge pattern forming on USD/JPY could offer an opportunity for a bounce at 126.27, if not sooner. Sliding outside the wedge will reduce the chances of a successful formation and could see the pair move towards 125.00 instead. The respite could see an upward spiral towards 131.50, provided the 130.00 ceiling gives in.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Down |
125.00 |
128.00 |
131.50 |
Bitcoin (4 hours)
Bitcoin managed to break the 18400 resistance (now support) parabolically last week, heading towards 23k and perhaps higher. 20k is major round support of defence for bulls; otherwise, the risk of a bearish flag formation will increase, and the 15.5k could be revisited swiftly.
Source: SpreadEx
|
Trend |
Support |
Pivot |
Resistance |
|
Up |
18400 |
21000 |
23000 |
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