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 (1 day)

Nasdaq continued its ascend towards 14k but failed to reach the round resistance. If bulls can push prices higher, they will expose 14350 as long as the potential breakout is not false. Conversely, losing 13450 might offer a drop toward 13k.

Source: SpreadEx

SPX 500 (4 hours)

A triangle completion has offered SPX a helping hand with the breakout opening the door to 4270, based on the measured move, but unlikely 4325. Staying above 4100 is a critical development for bulls, as a drop lower could enact an extended leg towards 4k in case 4050 succumbs to pressure.

Source: SpreadEx

RUSSELL 2000 (4 hours)

Small-cap Russell 2000 caught a double-bottom bounce to the 1800 handle, with bulls eying a breakout toward 1855, should the range peak of 1815 gives way. A slide under 1730 might provoke further bearish bets back to the lower end of the range unless we see a consolidation prevailing.

Source: SpreadEx

LIGHT CRUDE (4 hours)

Crude oil formed a double top at $73.30/bbl, but the likelihood of a move past it has increased following the flag low of $69.40/bbl. Above $73.80/bbl, bulls might face stiff resistance near $75/bbl. If bears lose control of $71.60/bbl, they might reclaim the bottom or at least experience a $70/bbl rejection.

Source: SpreadEx

NATURAL GAS (4 hours)

Natural gas prices broke outside the sideways market it has traded in for the past few months after fruitfully completing a flag at $2. Clearing the path toward $2.85 might bring the high of $3 in close proximity, but it is unlikely to break past it. Meanwhile, $2.45 could act as support if bullish momentum wanes unless bears teleport the commodity below $2.30.

Source: SpreadEx

GOLD (4 hours)               

Gold tumbled toward $1950 last week, breaking below the triangle low and paving the way toward 1915 next. If bears hold their grip on the back of a flag or pennant correction, a short-term leg above the 2k handle might drive prices as high as 2030. 

Source: SpreadEx

EUR/GBP (1 day)

EUR/GBP appears in the aftermath of a potential triangle breakout that might have initiated near 0.8760. However, short-term resistance remains at the range top of 0.8735. A downside extension below the swing low of 0.8646 could see the round 0.86 support back in focus unless the range lasts a little longer or 0.8645 holds firm. 

Source: SpreadEx

USD/JPY (1 day)

While USD/JPY has failed to reach 139.00 or the 140 handle, it broke higher following the completion of a cup-and-handle pattern. If bulls can claim 140.00, prices could eventually extend to 142.50 unless 133.50 is lost. In the shorter term, the support levels of 137.40 and 136.52 might provide some clarity in case of a reversal.

Source: SpreadEx

USD/CHF (4 hours)

The USD/CHF pair has completed an inverse head-and-shoulders, clearing the path toward 0.9120 should bulls win over the battle at 0.9062. A correction below 0.8969 might act as an early sign of deeper retracements down to 0.8919, but unlikely 0.8868.

Source: SpreadEx

ASTON MARTIN (4 hours)

Aston Martin’s stock price has gapped higher after completing a flag down at 190 GBX, eying the 300 GBX hurdle next. Breaking past the said resistance might enact an extension toward the gap of 400 GBX, with the measured move targeting 335 GBX in the shorter term. Conversely, failing to stay above 245 GBX might reverse the trend and bring the stock back to 200 GBX.

Source: SpreadEx