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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WALL STREET (4 hours)

The retest of 33450 in Wall Street suggests the short-term support may form a triangle pattern or simply consolidate, offering a break past 34k and towards 34620. Losing the swing low may instigate a drop towards 32640 unless 33k leads to a bounce. 

Source: SpreadEx

US TECH 100 (4 hours)

Rejecting the top trendline of the descending channel at 15340 has shifted momentum, bringing 14430 back into focus unless 14750 holds firm. Retrieving traction could see prices advance towards 15630, pending reaction at 15520.

Source: SpreadEx

UK 100 (4 hours)

A higher swing low printed on the UK’s 100 index may inspire further upward movement past 7750 and off to 7815 next. If prices decline, the support at 7500 could determine whether the index falls to 7380 or continues its channel-based uptrend. Meanwhile, the current price action appears to be consolidating.

Source: SpreadEx

GOLD (4 hours)

Having risen past $1900, gold may see momentum past the triangle’s last swing at $1970 an ounce, suggesting the low at $1820 is in. Taking over the critical resistance could encourage bulls to reclaim 2k and perhaps 2022/oz. Chances of revisiting 1850 will increase under the round support.

Source: SpreadEx

BRENT CRUDE (4 hours)

Brent could still form a head-and-shoulders if bullish demand wanes as the $90 threshold appears to hold firm, forming the right shoulder. $87.50 and $93.20 are expected short-term levels to keep an eye on, with the break of the support potentially provoking additional short positions towards the swing of $83.10/bbl.

Source: SpreadEx

PLATINUM (4 hours)               

The price of platinum may be due to another downward spiral in light of a final leg of a potential wedge pattern down to the measured-move projection of $810/oz, provided the lower trendline near or under 850 gives way. Exiting the diagonal at the $900 swing could see the metal accelerate towards $955, where the pattern would be deemed invalid.

Source: SpreadEx

EUR/USD (1 hour)

The eurodollar is at risk of a breakdown below $1.05 as the trend continuation towards $1.04 will receive a boost under the swing support of $1.045. The recent spike to $1.0640 can be either seen as a leading or ending edge, with the former case driving prices towards the top should bulls recapture $1.0584.

Source: SpreadEx

GBP/JPY (4 hours)

Despite trading bullishly in the short term, GBP/JPY remains at risk of prolonged consolidations having printed higher lows and lower highs, resembling a triangle. Losing the closeby levels at either ¥180.65 or ¥183.85 to extend to  ¥184.70 will unlikely shift chances, but the break of the ¥185 might do. 

Source: SpreadEx

USD/CNH (4 hour)

While USD/CNH has been consolidating, the recent short-term PA indicates a potential break higher on the back of a triangle completion down at 7.27 CN¥. Advancing past 7.33 will see increased chances of an attempt at the projected measured-move high of 7.42 unless bulls fail to gain momentum, losing the triangle low instead, opening the door to 7.24

Source: SpreadEx

BANCO SANTANDER (2 hours)

The stock price of Spain’s Santander resembles an incomplete triangle, with prices staying over 3.40 and the low of 3.33, raising the probability of revisiting the 4 EUR barrier –being the measured move projection. If 3.65 and 3.75 fail to fuel demand, the lower trendline will likely give in sooner rather than later.

Source: SpreadEx