Technical Analysis Weekly

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.

NOTE: These charts use the ‘Pro Trading Tools’ available on the SpreadEx trading platform. To use them, log in to your SpreadEx Financials Account and click ‘Technical’ from the menu on any chart.

WEEK COMMENCING 25TH NOVEMBER 2024

Summary

*KEY

Trend direction is set by the slope of the VWAP

Trend phase is determined by the current price relative to the VWAP (20) level and Elliot waves

Support & Resistance are set by the StdDev #2 Lower and Upper respectively.

Momentum is determined by the RSI level (70 as overbought and under 30 as oversold).

Analysis

Germany 40

Germany 40 remains bullish but is in a correction phase, trading at 19,408, now comfortably above the VWAP (20) level of 19,168. Support is at 18,903, with resistance at 19,410. The RSI is at 55, indicating moderate momentum, suggesting the index is stabilizing within its uptrend.

UK 100

The UK 100 index holds a neutral trend in a consolidation phase, however recent action has been decidedly bullish with the price at 8,295, easily above the VWAP (20) of 8,125. Support is positioned at 7,966, with resistance at 8,290. An RSI of 64 reflects much stronger momentum cs last week, with renewed potential for an upside breakout.

Wall Street

Wall Street remains bullish and is in an impulsive phase, trading at record highs of 44,587, well above the VWAP (20) of 43,460. Support is at 41,908, while resistance is positioned at 45,013. The RSI at 69 signals strong bullish momentum, nearing overbought territory as is to be expected in a strongly bullish environment.

Brent Crude

Brent Crude is neutral in a consolidation phase, trading at 7408, having bounced off major support at 70 again, slightly above the VWAP (20) of 7335. Support is at 7037, with resistance at 7,633. The RSI at 52 reflects the range-bound conditions, with no clear directional bias.

Gold

Gold remains bullish but is in a correction phase after a quick rebound from a steep correction - now trading at 2,674, back above the VWAP (20) of 2,655. Support is positioned at 2,533, with resistance at 2,777. The RSI at 51 indicates neutral momentum as the metal consolidates within its broader uptrend.

EUR/USD

EUR/USD remains distinctly bearish - having not crossed adobe the VWAP in 2 weeks. The price at 1.0486 is still below the VWAP (20) of 1.0641. Support is at 1.0343, with resistance at 1.0939. The RSI at 34 signals continued bearish momentum but the rebound from more oversold conditions indicates a possible retracement soon.

GBP/USD

GBP/USD has shifted to a bearish impulsive trend, trading at 1.2574, easily below the VWAP (20) of 1.2765. Support is at 1.2439, with resistance at 1.3091. The RSI at 33 reflects increasing bearish momentum, suggesting potential for further declines unless support holds.

USD/JPY

USD/JPY remains bullish in a correction phase, trading at 154.44, slightly above the VWAP (20) of 153.20 but below former highs. Support is at 151.43, with resistance at 156.41. The RSI at 55 reflects continued bullish momentum, with room to advance further before approaching overbought levels.