Weekly Technical Analysis 25.09.2023

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.

-----------------------------------------------------

WALL STREET (4 hours)

Dropping under 34060 has increased the chances of a falling pennant, with further declines opening up 33610 but unlikely 33290. If bulls can reclaim 34300, an attempt at 34780 may be seen.

Source: SpreadEx

US TECH 100 (4 hours)

An attempt at breaking 14550 failed on the Nasdaq, with an immediate bounce higher likely to form a triangle unless demand wanes ahead of 15130, leading to a complete bearish flag instead. Breaking under the swing low will expose 14250.

Source: SpreadEx

EUROSTOCKS 50 (2 hours)

The corrective price action on Eurostocks 50 resembles a complete triangle, with additional weakness inspiring a medium-term slump towards the measured-move projection near 4060. If the quadruple bottom near 4200 holds firm, the index could spike to 4330 but unlikely past 4400.

Source: SpreadEx

GOLD (4 hours)

Easing upward momentum formed a fakeout past the upper triangle trendline in gold, bringing the focus back to the $1920 low per ounce. Losing it will increase speculation for $1913 without changes on the formation, but only a break past 1980 will eventually confirm it.

Source: SpreadEx

LIGHT CRUDE (1 hour)

WTI’s down and upside price action appears corrective, increasing the chances of a prolonged sideways market with boundaries at $88.40 and $95.40 a barrel. The break of either level might instigate a leg equal to the range’s length of seven dollars, opening the door to triple digits in the one case and the $80/bbl handle in the other.

Source: SpreadEx

LONDON GAS (2 hours)               

The price of London’s Gas failed to reach the previous top, and if it continues lower without sliding under the swing support of $953, we may see a triangle form. Lack of support may inspire short bets towards $930, whereas a rally past $1018 could clear the path to $1050.

Source: SpreadEx

USD/JPY (4 hours)

The upside price structure in USD/JPY resembles a wedge pattern, pending a potential pullback towards 145, if not a reversal. 147.31 and 145.90 are critical short-term supports to determine forward action, with the measured-move projection increasing speculation for 149.85.

Source: SpreadEx

GBP/JPY (4 hours)

Despite losing 182.50, GBP/JPY may witness some respite on the back of the 181.00 support unless the descent is driven by strong momentum, opening up 179. With a descending short-term triangle ending at 183.35, the measure-move low of 180.60 may save the day, bringing the triangle’s end into the spotlight.

Source: SpreadEx

AUD/USD (1 hour)

AUD/USD may have completed a running triangle pattern by the golden pocket of 61.80% near 0.6465 unless bulls reclaim the resistance and head towards 0.65 before losing 0.6385. In that case, they may witness a drop towards 0.6357 instead.

Source: SpreadEx

EURONAV NV (1 day)

Euronav’s stock price shows a complete triangle pattern that ended at EUR 15 unless bullish attempts past 18.50 fail, reducing the probability for a breakout towards the measured-move projection high of EUR 26 should 19.20 gives way. Sliding under the EUR 14.50 support may provoke additional shorts towards EUR 13.

Source: SpreadEx