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)

Following up on last week’s rising wedge pattern, US Tech slid towards the 11k handle and experienced some relief. 11400 is short-term resistance below 11700, with a break of the 11k floor opening the door to 10770.

Source: SpreadEx

UK 100 (4 hours)

The UK 100 index fell to the 7300 support identified last week, with the pullback deepening enough to expose 7230. 7070 is supported below, but will likely invalidate the cup-and-handle pattern price action currently resembles. 7430 is a potential intraday peak, with chances at 7500 increased above there if the bulls defend the 7k handle well following the recent bearish breakout.

Source: SpreadEx

NETHERLANDS 25 (4 hours)

The Netherlands 25 index has topped at 742, forming a double top. The rejection has enough momentum to presume a double bottom might be at play, leaving a range bottom at or near 610. 685 and 655 are critical support levels bears must overtake for such an event, with a revisit of 715 following a bounce at the 700 handle offering some respite towards 735 and a potential head-and-shoulders formation.

Source: SpreadEx

GOLD (4 hours)               

Gold left a rising wedge printed on the charts after peaking at 1840 with a break of  1780 increasing the chances of a meltdown towards 1740. The bounce towards 1820 might end up forming a head-and-shoulders pattern, with a break higher offering a likely attempt at a fresh high, but likely faulty. 

Source: SpreadEx

LONDON GAS (4 hours)

London gas is near completing a potential inverse head-and-shoulders pattern, with the right shoulder expected at 870. In case of a further slope, the door to the 800 floor opens up again unless 850 offers reversal or some sort of respite. With chances of the RS being completed elevated, 965 and the 1000 handle might come sooner than expected. 

Source: SpreadEx

BRENT CRUDE (4 hours)

Brent’s downward structure reveals an overlapping price action resembling a potential falling wedge. If the upper trendline near 81.50 repels bulls, a fresh low a tad below the base at 75.00 might be seen. A break above the trendline might clear the path towards 90.00 if 83.20 gives in.

Source: SpreadEx

GBP/JPY (4 hours)

The pound appears to have completed a pennant against the yen, with increased chances of a breakdown towards 160.00. If 163.00 gives in to the expected pressure, the descent might start sooner than later. If the lower trendline near 165.00 holds firm, an upward spiral towards 171.00 might ensure. The 167.50 is short-term resistance that bulls need to recapture in that case.

Source: SpreadEx

EUR/CHF (4 hours)

EUR/CHF has either completed or is near completing a rising wedge pattern around the 0.99 handle. A reversal might send prices towards 0.9725 if the 0.98 floor succumbs to pressure. Inversely, 0.9950 is near-term resistance below the round 1.0000 level in case the rising wedge leads to a bullish breakout.

Source: SpreadEx

AUD/JPY (1 Day)

Aussie has recently printed the right shoulder of a head-and-shoulders pattern, unless it does another leg upwards to 97.00. Breaking 90.50 will increase the chances of a breakdown, with 87.50 returning in focus. 90.00 is a major support above there, with 95.00 being its equivalent resistance in case the pair experiences a decent bounce above 93.40.

Source: SpreadEx

ELECTROMECCANICA VEHICLES(1 day)

The stock seems it has put in a falling wedge at 0.85  with chances of reversal rising. 1.45 and 1.90 are major medium-term swing highs bulls need to regain control for a chance at higher levels. On the other hand, breaching the low might lead to the 0.50 handle, being round support.

Source: SpreadEx