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.

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

Wall Street (4 hours)

Wall Street rose close to the target of 33k with increasing momentum, hinting at a near-term resistance followed by a pullback. 32400 is apparent support above 32000 and 31000, but a reversal may be due if the latter fails to hold. Otherwise, an attempt at 34300 might ensue if bids break past 34400.

Source: SpreadEx 

UK 100 (4 hours)

UK 100 is back above the 7000 handle and marginally below the swing high of 7100. Price action resembles a rising wedge with all higher highs complete, suggesting either a pullback before an advance or a breakout higher. Recapturing 7100 exposes 7330, whereas failing the 6920 support might clear the path towards 6790.

Russel 2000 (4 hours)

Russel 2000 appears spiralling upwards in a broadening wedge following a break above 1770. If the trend progresses, 1900 is apparent resistance, with 1970 and an attempt above the 2000 handle coming up next. The door towards 1700 and below might open up if the former support is lost.

Source: SpreadEx 

Silver (4 hours)

Silver’s price action appears to be in a consolidation phase before the next leg down, defined by a falling flag. If the lower trendline succumbs to bearish pressure, the next support lies around 18.00, whereas the interim is a tad higher at 18.20. Piercing the former might pave the way to 17.50. However, a bounce at the flag might trigger an upward move towards the 20.00 handle, and if the upper trendline breaks, it will expose 21.00.

Source: SpreadEx 

Platinum (4 hours)

Platinum found resistance at 975.00, forming a double top. However, the attempt came after an ascending triangle breakout, increasing the chances of a breakout if the 925.00 support offers rejection. Piercing the top might bring 1150.00 in focus, being the measured move, with quadruple digits a near-term resistance. Otherwise, the metal might reverse down to 800.00, with 890.00 and 830.00 as temporary supports.

Brent Crude (4 hours)

Brent price action reminds a pennant, having resumed the upward trend after breaking the upper trendline. The breakout level is now support and has been retested for a potential continuation above 95.00 and towards the 99.00 handle. Above 100.00, there is resistance at 102.50 if bulls fail to extend gains towards 105.00. On the flip side, falling below the apex near 90.00 might clear the way to 87.50 and the low of 82.50.

Source: SpreadEx 

EUR/GBP (4 hours)

EUR/GBP remains under pressure in what seems to be a falling wedge, if not a triple bottom, at 0.8580. Weakening towards the lower trendline brings 0.8500 into the spotlight, with chances of breaking lower increasing in a failed bounce attempt. If the upper trendline near 0.8700 breaks instead, the swings highs of 0.8790 and 0.8880 are crucial resistance levels for bulls.

Source: SpreadEx 

USD/CAD (4 hours)

USD/CAD pulled back to the low of 1.3500, forming a double bottom and the right-shoulder neckline of a potential inverse head-and-shoulders pattern. Its completion will depend on whether the short-term upside continues up to 1.3835 and reverses for a neckline breakout or prices head to the top. Losing the support prematurely (or not) might bring 1.3250 back on the radar, with round levels acting as temporary supports.

Source: SpreadEx 

EUR/USD (4 hours)

EUR/USD slides towards 0.9900, and if the low softens, the chances of a falling flag will rise. The lower trendline lies below 0.9800, with support below there at 0.9700. If the round-level holds, however, and bears cave in at 1.0000, 1.0100 and 1.0200 will return on bulls’ watchlist as the pattern will resemble a rising wedge instead.

Source: SpreadEx 

EASYJET (4 hours)

EASYJET broke outside its rising flag after retesting the 308.00 low, with 380.00 on the cards as the measured move from the breakout point upwards. Before there, 348.00 must be recaptured. If bears move past the flipped support, the break below the 300.00 round base will offer a chance at 280.00.

Source: SpreadEx