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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Wall Street (4 hours)

Wall Street failed to breach the 34k handle but remains in an upward trend, albeit not in the short term, as prices have exited the ascending channel. However, the pullback to 33150 offered a bounce to 33830, which brings the chances of consolidation up unless bulls attempt 34280.  33k remains a critical short-term support, the break of which exposes 32500. 

Source: SpreadEx

UK 100 (4 hours)

UK 100 failed to break the previous high at 7430 again, forming a double top but maintaining its bullishness above 7300, as it seems to be in a bullish flag pattern. Losing the range support brings 7240 on the radar with a firm base at 7200. On the other hand, an upwards breach opens the door to 7500 and the top of 7580.

Source: SpreadEx

Germany 40 (4 hours)

Germany 40 seems to have broken outside its sideways range, with bulls paving the way towards the 15k handle. 14720 is major double-top resistance where a pullback could be expected. If the support at 14150 or the 14k stronghold gives in, 13500 returns to the spotlight.

Source: SpreadEx

Gold (2 hours)               

Gold prices have dropped from the top of $1790 down to $1750 as a likely part of a rising flag correction. $1700 is major support, with 1725 as a spot for a short-term rejection. If the low holds firm, bulls might step back in and send prices toward the top for a range.

Source: SpreadEx

London Gas (4 hours)

London gas prices seem to be finishing the completion of the 4th leg of a symmetrical triangle unless it slides to $910 for a descending variation or forms a pennant instead. If prices rise, the likelihood of moving closer to $1100 will increase, with the trendline being a potential rejection level and $1000 an interim resistance.

Source: SpreadEx

Brent Crude (4 hours)

Brent failed to stay afloat above $95.00 and fell through $90.00 at $85.80. The former levels are resistances moving forward, but the pattern off the $82.50 low resembles a bear flag. Chances to revisit the low are increased unless Brent consolidates after bottoming at $85.00.

Source: SpreadEx

EUR/USD (4 hours)

Euro appears to consolidate against the dollar in a flag-like fashion. Breaking $1.04 might lead to a fresh high provided $1.0483 breaks, whereas falling through the bottom of $1.0250 exposes $1.02 and a return to the base trend. If the top is breached, $1.05 comes into the bulls' sightline.

Source: SpreadEx

GBPUSD (4 hours)

GBP/USD accelerated above the trendline of the ascending channel it's been trading in but failed at $1.20. The short-term range has support at $1.1760 and resistance at the top, with a higher break leading to $1.2142. On the flip side, losing the low might clear the path to $1.1645, returning to its primary trend. 

Source: SpreadEx

USD/JPY (2 hours)

USD/JPY is either in a bullish flag correction or a bearish pennant. In the short term, the break of 137.60 will bring 135.60 closer to bears, whereas advancing above the double top at 140.85 will face little resistance to 142.50.

Source: SpreadEx

Sonos Inc (2 hours)

Sonos stock price has left the right shoulder of an inverse H&S pattern on the rearview mirror. $19.20 is the projected target when measuring the height of the head-to-neckline from the breakout point. In the short term, the stock consolidates in a triangle or a pennant. $18.25 must break for any attempt higher. Contrarily, losing the neckline at $16.40 might send the stock back to the shoulder low of $15.00 unless it slides to the bottom at $13.60.

Source: SpreadEx