Weekly Technical Analysis

week commencing 20th November 2023

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)

The US Tech 100 index has formed a fakeout in its recent attempt to get through 15930, failing to reach 16K and experiencing some sort of weakness eying 15630. Breaking higher would expose 16240 next.

Source: SpreadEx

US FANG (1 hour)

After failing to reclaim 8250, the FANG index is seen consolidating into a potential triangle pattern, with a slide under 8100 opening up the next swing spot above 7750 at 7960 and invalidating it. If bulls can take over, the next logical resistance is at 8500.

Source: SpreadEx

UK 100 (2 hours)

If bulls push for another high without losing the 7400 floor, the chances of a wedge will increase dramatically. 7600 or anywhere past the local peak, but under 7620 could instigate a pullback towards 7320 should it come in that order. The supports are expected to be at the same levels regardless.

Source: SpreadEx

BRENT CRUDE (4 hours)

The recent drop to 76.60 a barrel saw Brent reverse, but its structure suggests an upward pullback as part of a wedge continuation. Above 83.70, the next logical resistance lies at 86, but the first peak at 92.50 could also be revisited in the medium term. Conversely, losing the regional support at 76.70 might bring 72.50 back into focus.

Source: SpreadEx

GOLD (1 hour)

Gold may be forming a cap-and-handle pattern with the next resistance above the peak of 1995 at 2010. The formation could still play out if prices remain above 1955, with lower prices increasing the risk of further descends.

Source: SpreadEx

SILVER (4 hours)

Silver could be heading towards the top at 25, as projected by the measured move of the completed flag pattern ending at 21.90. The breakout point at 23 is critical support in case of a drop but not a pattern invalidator. 

Source: SpreadEx

EUR/USD (2 hours)

After ending its corrective pattern, the pair has formed a double-top at 1.0936, but the measured-move projection brings 1.0960, thus 1.10,  into focus. Increased bearish action would open the door to 1.0758 if bulls lost 1.0825. Chances of a cup-and-handle remain good at this point too.

Source: SpreadEx

GBP/USD (2 hours)

The pound seems to have ended a wedge pattern pending pullbacks towards at least 1.22, but without losing 1.2375, chances remain slim, with the next level up seen at 1.2548. Flipping that to support could pave the way to 1.2617.

Source: SpreadEx

USD/JPY (2 hours)

A double-bottom formation at 148.90 would increase the chances of a head-and-shoulders pattern, with the right shoulder expected to see the pair rise towards 150.73. Sliding lower might clear the path towards 146 if 147.82 gives way.

Source: SpreadEx

APPLE (4 hours)

Apple received rejection at the first wedge peak near 190 but tested new territories, raising chances of an upward leap towards 200 and a pattern invalidation. If things turn south, prices could decline towards 175 if the 182 peak succumbs to pressure.

Source: SpreadEx