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 (4 hours)

US Tech appears to be in a falling flag pattern, with the second peak at 12100 putting in a false break for now. Bears eye the lower channel trendline for a potential breakout, with 11200 being short-term support. 10600 is a crucial level below the trendline support.  

Source: SpreadEx

UK 100 (4 hours)

UK 100 broke above its double top formation after bouncing at 7300, continuing its bullish flag pattern. A potential spiral towards 7600 could be seen if 7500 paves the way. Losing the now-support of 7350 could open the door to 7230 as a short-term double top formation has already been printed.

Source: SpreadEx

SPX 500 (4 hours)

SPX 500 formed a double top at 4050 with increased chances of falling towards the bottom of a potential range. Short-term support lies at 3900, with an extension down at 3750 and a likely trend change outside the channel. If the peak gives in, 4160 comes on the radar.

Source: SpreadEx

Gold (4 hours)               

Gold succumbed to the lower end of the bullish flag pattern at $1735 and soared to $1775, where it met resistance. Passing through will expose the peak and the $1825 if bullish momentum increases. A revisit of the bottom could lead to a reversal, with $1700 being a pit stop before further losses.

Source: SpreadEx

Natural Gas (4 hours)

Natural gas reveals a broadening wedge pattern, but it is uncertain whether it is complete as the last upward leg did not reach the upper trendline despite printing a new peak at $8.00/cf. If $6.5/cf is reached but lost, it will most likely be a case of completion with the $5.40 low in the spotlight. If not, prices could soar towards $9.20/cf for an upper trendline rejection. 

Source: SpreadEx

Brent Crude (1 Day)

Brent slid outside the bear flag pattern and could be heading towards $73.00/bbl, as this is the target based on the flag's height. $80.00/bbl is a short-term round support above there, with $90.00/bbl being an equivalent resistance.

Source: SpreadEx

EUR/GBP (4 hours)

Euro has formed a triple bottom near 0.8570 against the pound, but with lower peaks, there is a risk of breakdown. The measured move of the triangle pattern completed at 0.8720 suggests a downward leg towards 0.84. In the interim, there is support at 0.8500. If the bottom holds, 0.87 could be revisited.

Source: SpreadEx

GBPUSD (4 hours)

GBP/USD formed a pennant off the $1.1145 low but already completed the measured move at $1.2160. The next upside leg could keep $1.23 and even $1.2410 at play unless the $1.2030 low gives in, opening the door to $1.1758 or even lower. 

Source: SpreadEx

USD/CAD (4 hours)

USD/CAD continues to fall in a reversal fashion after completing a head-and-shoulder pattern, with the neckline height hinting at a medium-term move down to $1.30. In the short term, the pair seems to be in a bear flag pattern, with the neckline making a solid top at $1.35 unless bulls go for $1.3576. Losing the lower channel trendline could initiate the downward leg.

Source: SpreadEx

National Express Group (4 hours)

National Express appears to be near the completion of a triangle pattern, with the measured move pointing at 135.00p. Spiking to 180.00p could form a short-term head-and-shoulders to initiate the last downward leg, but 186.00p is also possible. On the flip side, 157.00p must break for an extended slide, otherwise the break of the upper triangle could lead the way towards 200.00p.

Source: SpreadEx