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 (1 day)

US Tech bulls failed to reclaim 16k, but remaining above 15375 keeps the chances of a takeover high. Soaring higher will expose 16250, while a slide might open up 15k.

Source: SpreadEx

GERMANY 40 (4 hours)

The German index spiked to 16500 following the completion of a flag pattern at 15500, opening the door to 17k, with interim resistances at the round levels. Losing 16250 might see the index decline towards 16k.

Source: SpreadEx

JAPAN 225 (4 hours)

While Japan 225’s prices remain under the 34k handle, the potential completion of a pennant at 32k keeps chances of a breakout towards 35k relatively high. This prerequisites  a retest at the peak and bulls recapturing 33730. Sliding under 32500 might see the index drop further.

Source: SpreadEx

GOLD (4 hours)

Gold’s price action suggests an inverse-and-shoulders pattern might have already been completed by $1955/oz, thus inspiring bets above $2k and potentially towards $2070 if $2045 gives in. $1955/oz must hold for further bullish PA, with prices easing more, opening up $1935.

Source: SpreadEx

BRENT CRUDE (4 hours)

After a pennant completion at $78.60/bbl, Brent oil moved past its peak of $81.60/oz and towards $87.200/bbl. Keeping the line will increase the probability of retesting the market top; otherwise, a downward leg towards $78.30/bbl might be seen instead.

Source: SpreadEx

LONDON GAS (1 day)               

London gas might have ended its bear market following a wedge completion at $632, aiming at $925 and $1000 next. Conversely, reversing recent gains might see prices descend towards $777, pending weakness by the $800 handle.

Source: SpreadEx

EUR/GBP (4 hours)

The EUR/GBP pair might be in a broadening triangle pattern, pending rejection at the bottom trendline under 0.85. If bulls lose 0.8550 and the low of 0.8516, the chances of seeing the pattern complete will rise. Conversely, advancing past 0.88 could inspire bullish bets, paving the way towards 0.8630.

Source: SpreadEx

USD/CAD (4 hours)

The swing reversal at $1.3120 might be the bottom of a potential inverse head-and-shoulders pattern, with the current PA targeting the neckline shy of $1.34. Without reclaiming $1.33, bears might reverse bets, with a slide under $1.32 paving the way to $1.31, should the shoulder low gives in.

Source: SpreadEx

GBP/JPY (4 hour)

GBP/JPY appears in a breakout mode following the completion of a flag at 176.40, clearing the path towards 189.40 in the event of a 184.00 takeover. 185.00 and 186.00 can act as resistance levels on the way up, whereas a decline towards 180.00 will also expose 179.50 and the flag low.

Source: SpreadEx

DOMINO’S (1 day)

The stock price of Domino’s has left a pennant behind, forming support at 317 and the low of 275. Continuing its ascend might see prices near the peak of 390, as the measured-move projection suggests a potential reversal at 380.

Source: SpreadEx