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)

The S&P 500 index maintains a bullish bias as it appears to be consolidating in an uptrend. Caution should be exercised near 4080 and 4175. In case of a deeper pullback, 4040 should be watched closely, whereas a break higher will expose 4200.

Source: SpreadEx

UK 250 (4 hours)

UK’s 250 has formed a diagonal pattern around 19420 and retraced towards 19000. The index is currently trading in a sideways market, and bulls must push past the local top to continue the rally towards 20k. A breakdown below the support level at 18815 could signal a double bottom around 18000.

Source: SpreadEx

HK 50 (4 hours)

Hong Kong's 50 index fell outside its ascending channel,  with key resistance and support levels at 20750 and 19500, respectively. The bulls need to propel prices above 20200 quickly or risk a potential double bottom at the swing low, while a breakdown lower could signal a decline toward 19000.

Source: SpreadEx

LIGHT CRUDE (4 hours)

Crude oil declined below the $80.00 handle and continued to trade towards the middle of the latest uptrend, near $73.85, in what seems to be a flag pattern. If bears maintain control, we could see the index testing  $71.65. Conversely, a potential rally above 81.65 may shift the current trend.

Source: SpreadEx

GOLD (4 hours)

Gold trades in a range with key resistance and support levels at $2030 and $1980 per ounce, respectively. A break above $2030 could pave the way for a potential rally toward the peak. On the other hand, if prices break below $1965 per ounce, we may see a continuation of the bearish trend.

Source: SpreadEx

PLATINUM (1 day)               

Platinum prices traded higher last week, breaking past $1120 per ounce, confirming a flag pattern at $900. If bulls reclaim the resistance at $1200, we may see an extended leg up unless 1070 gives in to potential pressure.

Source: SpreadEx

GBP/USD (4 hours)

GBPUSD broke past the  1.25 handle, only momentarily, forming a double top instead. If prices continue higher, we may see a move to 1.2546; otherwise, investors should pay attention to 1.2344 as its breakdown may offer a bearish move toward 1.2270.

Source: SpreadEx

USD/JPY (4 hours)

USDJPY appears to retrace a diagonal pattern with the first downward leg complete at 133.55 and the short-term opposite correction at 134.49. Losing the swing low may expose 132.00 if 133.00 succumbs to pressure. Breaking past the top may see increased demand toward 136.22.

Source: SpreadEx

EUR/CAD (4 hours)

EUR/CAD completed a triangle pattern at 1.4622 and is soaring toward the peak at 1.4938, with the measured move suggesting a rally towards 1.53 but likely to stop by 1.50 initially. If bulls fail to surpass the top or the 1.49 handle, a retracement at 1.4740 may be seen in case 1.48 weakens.

Source: SpreadEx

BOEING (1 day)

BOEING appears to form a triangle that might end around the $200 handle. Forming the pattern may open the door to $230 and beyond if the measured move played out successfully. Conversely, failing to get past $220 or falling under $190 may invalidate the pattern and print a deeper flag instead, clearing the path to $180.

Source: SpreadEx