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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SPX 500 (4 hours)

While the S&P 500 trades above 4370, the chances of a head-and-shoulders pattern remain intact, opening up 4500. Losing the regional swing could send prices towards 4200, with interim support near 4300.

Source: SpreadEx

GERMANY (4 hours)

Germany's top 40 index has formed a double bottom at 15500, with a breakdown increasing the potential for a leg down to 15250 unless the formation holds firm. In such an event, bulls may push prices towards 15810.

Source: SpreadEx

JAPAN 225 (4 hours)

A wedge pattern may offer some respite in Japan’s 225 index, paving the way to 32300 unless 31790 repels bullish price action. If declines continue under 31250, extending losses to 30650 may be possible, invalidating the wedge pattern.

Source: SpreadEx

GOLD (4 hours)

Gold prices could form a wedge pattern if price action accelerates towards $1910/oz or $1940/oz. Conversely, sliding under the support at $1885/oz may send the commodity to the round support of $1850/oz. This would increase the chances of added weakness as it would invalidate the wedge pattern.

Source: SpreadEx

WTI CRUDE (4 hours)

After a double-top formation around $84, WTI is now under speculation of a head-and-shoulders pattern in the short term. If the left-shoulder peak at $82.20/bbl holds, prices could decline to $78.50/bbl and then rise towards $90/bbl next. Otherwise, losing the local low and $77/bbl may decelerate crude towards $74/bbl.

Source: SpreadEx

NATURAL GAS (4 hours)               

Natural gas prices remain in an ascending channel while trading above (roughly) $2.45/cf, but also largely sideways below $2.90/cf. in the shorter term. Failing to hold the bottom line could see prices decline towards $2.25/cf, whereas a bounce or upside continuation may see prices as high as $2.80/cf.

Source: SpreadEx

EUR/GBP (4 hours)

The EUR/GBP pair could still be in a broadening triangle, pending declines below 0.85. Short-term price action requires a breakout from the 0.8520-0.8560 range for further clarity, with a potential move past the upper side seeing the probability at 0.8586 increasing.

Source: SpreadEx

USD/CHF (4 hours)

The double top formation on USD/CHF might have put the top in in the context of a wedge pattern. If prices ease under 0.8744, it may clear the path to the round 0.87 support. Otherwise, a fresh spike upwards might provoke a move to 0.89, invalidating the wedge and potentially experiencing further ascends.

Source: SpreadEx

GBP/CHF (4 hours)

GBP/CHF has also formed a double top, around 1.1240, with the upward leg off the bottom resembling a wedge. With both formations pointing down, 1.1177, but unlikely 1.11, are open to bears, whereas 1.1310 is the next resistance to the upside, should both formations get invalidated.

Source: SpreadEx

BITCOIN (1 day)

The price of Bitcoin may be due to further declines as it tested the lower end of the ascending channel starting at 15480. If bearish momentum increases to trigger a drop under $24700, the support at $23k could be revisited sooner than later. Otherwise, reclaiming $28500 is of utmost importance for bullish continuation.

Source: SpreadEx