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 100 (1 day)

US Tech extended to 15300 and reversed after forming a double top to retest the upper ascending channel as support, remaining in an accelerated trend towards 16k with short-term resistance at 15500. Under 15k, however, the likelihood of further declines towards 14665, and less likely 14230, increases.

Source: SpreadEx

RUSSELL 2000 (1 day)

Despite recently breaking past the 1820 range top, 1910 formed a resistance in Russell 2000, increasing the chances of a completed triangle pattern, particularly in the event of further a breakdown towards 1735. If the regional bottom holds firm, prices might accelerate to new monthly highs towards 2k.

Source: SpreadEx

WALL STREET (1 day)

Wall Street continued in a breakout mode following the rising pennant pattern but took a breather lower, flipping the upper trendline into support. Above 34575 remains the 35k handle as resistance, while failing to hold the 33620 line might open the door to  33k.

Source: SpreadEx

SILVER (4 hours)

Although early to assume, if silver’s upside gets stopped at 23.30, 24.00  or even lower, the final downward leg might confirm a wedge pattern. The retest, and tapping thereof, of 22.85 (above 22.75) implies an overlap, suggesting silver is in corrective rather than impulse pattern. Any move below 22.15 will increase the chances of a wedge, with 20.00 being a significant level of support.

Source: SpreadEx

GOLD (4 hours)

Gold’s price action has printed a wedge down to 1920, and it turned to seek bullish best towards 1980, and the 2k handle provided it reclaims 1950. Losing the local low might accelerate the descent towards 1890 and invalidate the wedge, with a substitute being a downward impulse starting at 1980.

Source: SpreadEx

LIGHT CRUDE (2 hours)               

Crude oil is now on a short-term upside following a bounce off the triple bottom at 67.50 but the 70 acts as resistance prior to 72.5. If bulls take control of the round support, an attempt at the next resistance might expose 75, while a failure might open the door to 63.60.

Source: SpreadEx

EUR/CHF (4 hours)

EUR/CHF appears to have completed a rising wedge by 0.9842, followed by a correction to 0.9750. Losing the regional low might see a decline towards 0.9672 via 0.9715, whereas a bounce might boost the pair towards the peak but is highly unlikely towards 0.9880.

Source: SpreadEx

USD/CHF (1 day)

A broadening wedge appears corrected in USD/CHF, bringing 0.9050 in focus but unlikely 0.9110. The correction to 0.9013 might have finished, opening up the local bottom at 0.89 and the low of 0.8867.

Source: SpreadEx

GBP/USD (2 hours)

The decline shown on the 4-hour cable chart suggests a leading wedge pattern may be due as price action appears to overlap in a downward slope. 1.2680 is a possible support above the low of 1.26, with resistances ahead at 1.2780 and the peak of 1.2841.

Source: SpreadEx

GSK (4 hours)

The stock price of GSK left a flag behind, clearing the path towards 1525p following a successful takeover of 1485p. If the gap at 1355p  is fully reversed in the event of a slide under 1380p, the stock will be exposed to the regional low of 1330p.

Source: SpreadEx