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.

NOTE: These charts use the ‘Pro Trading Tools’ available on the SpreadEx trading platform. To use them, log in to your SpreadEx Financials Account and click ‘Technical’ from the menu on any chart.

WEEK COMMENCING 18TH NOVEMBER 2024

Summary

*KEY

Trend direction is set by the slope of the VWAP

Trend phase is determined by the current price relative to the VWAP (20) level and Elliot waves

Support & Resistance are set by the StdDev #2 Lower and Upper respectively.

Momentum is determined by the RSI level (70 as overbought and under 30 as oversold).

Analysis

Germany 40

Germany 40 remains bullish but is still in a correction phase, trading at 19,185, slightly below the VWAP (20) level of 19,243 after showing weakness recently. Support sits at 18,942.6, with resistance at 19,545. The RSI is at 48, indicating moderate momentum as the index attempts to regain strength within its broader uptrend.

UK 100

The UK 100 index holds a neutral trend with increased potential for a breakdown. It continues to underperform compared to other global indices. The price at 8,073 is below the VWAP (20) of 8,146. Support is positioned at 8,006, and resistance at 8,285. An RSI of 38 reflects sluggish conditions as the index tests critical support levels within its range.

Wall Street

Wall Street remains bullish but has moved into a correction phase, trading at 43,343, marginally above the VWAP (20) of 43,341. Support is at 41,211, while resistance lies at 44,809.3. The RSI at 54 shows strong momentum but signals potential consolidation before further advances.

Brent Crude

Brent Crude continues in a neutral consolidation phase, trading at 7123, below the VWAP (20) of 7289. Support is at 6973, with resistance at 7605. The RSI of 41 suggests soft but stable momentum, as the commodity remains range-bound with no significant directional bias.

Gold

Gold exhibits bullish tendencies overall but is in a sharp correction phase. The price is at 2,590, below the VWAP (20) of 2,681, and approaching the support level of 2,525.8. Resistance is at 2,836. The RSI at 37 reflects new bearish sentiment, marking a significant shift after months of bullish momentum.

EUR/USD

EUR/USD remains in a bearish, impulsive trend, trading at 1.0570, well below the VWAP (20) of 1.07395. Support is nearby at 1.0469, with resistance much higher at 1.1009. The RSI at 32 indicates strong downward pressure, signalling limited potential for bullish reversals in the near term.

GBP/USD

GBP/USD is neutral in a consolidation phase, trading at 1.2622, below the VWAP (20) of 1.28701. Support sits at 1.25384, and resistance is at 1.3156. With an RSI of 29.10, the pair shows increasing bearish momentum within its consolidation range, now approaching oversold territory.

USD/JPY

USD/JPY remains bullish in an impulsive phase, trading at 154.7, above the VWAP (20) of 153.451. Support is set at 150.952, while resistance lies at 155.95. The RSI at 59.29 reflects continued bullish momentum within its uptrend, with room to move higher before hitting overbought levels.