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 100 (1 day)

US Tech broke outside its ascending channel, entering an accelerated trend towards 16k with an interim resistance by 15500. Losing 15k will increase the chances of a slide towards 14500, but it is unlikely to reach 14220.

Source: SpreadEx

EUROSTOCKS 50 (4 hours)

A pennant pattern appears completed at the regional low of 4270, with the leg shooting higher since printing a 5-wave impulse. Moving past the double top of 4415 might clear the path towards 4490 (138.2% reverse Fibonacci), while a rejection might see increased downward pressure towards 4210 should the swing of  4330 and pennant low give way to bears.

Source: SpreadEx

WALL STREET (1 day)

Wall Street resembles a breakout of a rising pennant pattern aiming to reach the top at 35k and perhaps higher, near 35400. If bulls fail to defend the 34k handle in a bearish attempt, the index will be exposed to 33410.

Source: SpreadEx

PLATINUM (4 hours)

The completion of a potential falling wedge might have put a low in at $965/oz, suggesting an upward move towards 1050/oz may be due unless bulls fail to recapture the short-term 1k handle. In the scenario, a slide under the swing low might offer a chance at $930/oz, but probabilities for an extension towards the $900/oz barrier remain slim.

Source: SpreadEx

GOLD (4 hours)

Gold seems to have completed its triangle pattern at $1935/oz, with the reversal opening up $1988/oz and the 2k hurdle, but it is unlikely to reach 2030/oz. If prices decelerate and bears lose the regional low, gold might experience a drop towards $1900/oz via the breakdown of $1920/oz. $1865 is far-fetched support to keep an eye on in a crash.

Source: SpreadEx

BRENT CRUDE (2 hours)                 

While the price of brent appears in bullish short-term sideways price action, the commodity trades inside a sideways range between $71.50/bbl and 77.50/bbl. A potential leg above the upper band might accelerate the price towards the $80/bbl handle with a recent bounce off the bottom. Conversely, a reversal at or before the top might trigger shorts towards the lower end of the range, aiming for the $70/bbl threshold, with interim supports at $75 and $73/bbl.

Source: SpreadEx

EUR/USD (4 hours)

Although far from completion, EUR/USD might be printing the cup of a C&H pattern, initially targeting $1.11 should bears abandon $1.10 and the interim resistance of $1.1050. A rejection might trigger a reversal, even in the short term, bringing $1.0905 and $1.0832 into focus. 

Source: SpreadEx

USD/CAD (1 day)

Price action in USD/CAD shows the pair might be due to a breakdown towards $1.30 via $1.3150 sooner than later as part of a triangle breakout. Bouncing higher might prove restrictive, with $1.33 and $1.34 likely strong resistances – should prices extend as high.

Source: SpreadEx

GBP/USD (1 day)

The daily chart of GBPUSD resembles a rising wedge that appears to have formed a throw-over above the upper trendline. If so, bears might step in soon, with $1.2680 seen as major support above $1.2487. A continuation higher won’t invalidate the rising wedge pattern but will likely restrict the price to $1.30, with little chance of breaking towards 1.3150.

Source: SpreadEx

NIO (1 day)

The stock price of NIO appears to have completed a falling wedge, with increased chances of a bottom being in. If bulls can reclaim $10.80, a renewed attempt towards fresh resistances might bring $13.25 in play. Otherwise, falling under $8.90  might clear the path towards the record low of $7.00.

Source: SpreadEx