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 (2 hours)

Wall Street turned sideways following a rally from 28700 to 30500, with the low back in focus. The 30k handle is a short-term ceiling, and the 29500 is a floor. Losing the range low exposes 28000, whereas a breakout from the top opens the door to 32300 and 31000 turns to support.

Source: SpreadEx 

UK 100 (2 hours)

UK 100 failed to recapture the 7000 handle as the 6700 bounce lacked momentum. Below the swing high of 6980, price action resembles a falling wedge, with 6700 and 6600 back on the radar unless an inverse head-and-shoulder forms support at 6800. 7150 is key resistance above 7000 and 7100.

Source: SpreadEx 

SPX 500 (2 hours)

SPX 500 found support at 3500 but advanced only to 3720 before reversing. If the price continues to descend, reaching the lower diagonal trendline near 3450, the chances of an upside reversal will increase on a falling wedge formation. Retaking 3800 and 3850 paves the way to the 4000 handle.

Source: SpreadEx 

Natural gas (2 hours)

Natural gas consolidated in a descending triangle formation and recently breached its low, clearing the path to 6.00 unless it re-enters the triangle territory. 5.40 is the measured move low, where a reversal could be expected. If bulls regain control of 6.50 and 7.00, the low might be in at 6.20, with the next resistance at 7.30.

Source: SpreadEx 

Silver (2 hours)

Silver declined below 20.00 with increasing momentum, improving the prospects for a broadening bottom below 17.00. Losing 18.00 is the first milestone to lower lows if 19.00 makes resistance. In the event of some respite, 20.00 is the next major resistance, but unlikely to shift dynamics.

Brent Crude (2 hours)

Brent oil reversed to 91.00, but on its way up to 99.00 it formed a broadening wedge, increasing the likelihood of a bearish pullback. 90.00 is a key round support to keep an eye on above 88.00, with the latter clearing the path to 85.00. Firming above the lower trendline enhances the possibility of recapturing 95.00 and heading to 100.00.

Source: SpreadEx 

GBP/USD (2 hours)

GBP/USD printed one lower low and one lower high, creating a bullish pennant that must break past 1.1500 for a chance at 1.1750. Failing to win over 1.1400 or the upper descending trendline will improve the probability of a flag instead, with 1.10 back on the cards. 

Source: SpreadEx 

USD/JPY (2 hours)

USD/JPY sailed past the upper trendline of the broadening top formation near 147.50 with eyes on the round 150.00. The measured move between the previous high-to-low target is 151.50, however. If bears strengthen below 147.50, 145.00 comes back on the radar.

Source: SpreadEx 

EUR/GBP (2 hours)

EUR/GBP is at risk of further downside below 0.8700 as chances of a broadening descending wedge increase below the upper trendline. 0.8700 is minor resistance bulls must overtake, and 0.8870 is below 0.9900. Another low is probable as the range of the last leg should be larger than its preceding. This brings 0.8225 into the spotlight if 0.8500 is lost.

Source: SpreadEx 

USD/CHF (2 hours)

USD/CHF spiralled upwards in light of a rising wedge pattern, which seems complete. If bulls retain parity, 1.0100 is the next target below 1.0200. But if the price slides below the critical level and the 0.9970 swings low, a selloff towards 0.9870 support is probable.

Source: SpreadEx