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.

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Wall Street (4 hours)

Wall Street is trading inside a bullish channel formation where the price found support near the 32,500 mark. A slight correction to the pivot level could be seen before the buyers rejoin the uptrend and push the price towards the 33,245 mark. A drop under 31,600 would negate this bullish view.

Source: SpreadEx 

UK 100 (4 hours)

UK 100 is in a clear uptrend where higher highs and lows have been posted. The price successfully broke the bullish wedge pattern to the upside and the resistance level (now support) near the 7,350 mark. Further movement to the upside is expected to test the 7,540 level in the coming days. A close below 7,200 mark would negate our bullish bias.

Source: SpreadEx 

Germany 40 (4 hours)

GER40 successfully broke the bullish flag formation to the upside and the price is trading above the resistance level (now support) near the 13,380 mark. The market could move higher toward the 13,875 mark to complete the ABCD pattern. A close below the 13,000 would neglect our bullish view.

Source: SpreadEx 

Gold (4 hours)

Gold is an upward movement where higher highs and lows have been posted since breaking above a bearish trend line and closing above the 1,780 mark. If more buyers join the uptrend around the 1,780 mark, this could lead to a further movement to the upside toward the 1,815 mark. However, a move and close below the 1,750 would negate our bullish view.

Source: SpreadEx 

Silver (4 hours)

The price of Silver successfully broke the triangle pattern to the upside after finding buyers near the 1,875 mark. Silver rallied all the way up to and broke the 2,000 mark. Further movement to the upside is expected in the same direction of the main trend toward the 2,150 level. If the price fails to continue its move higher and reverses lower below the pivot level, Silver could test the 1,875 support.

Brent Crude (4 hours)

UKBRENTOIL is trading inside a parallel channel between 98 & 105. The market tested the higher end of this channel and was pushed lower. So, while it is range-trading, the market could continue its move lower toward the lower end of this channel. A close above the 105 mark could signal a reversal and a move higher toward the 114 mark.

Source: SpreadEx 

GBP/USD (4 hours)

The price of GBP/USD successfully broke above the bearish trend line after posting an inverse head and shoulders. The price currently is posting higher highs and lows signalling a change in direction to the upside. A close above the 1.23 mark could lead to a further movement to the upside toward the 1.25 mark. Otherwise if the Pound fails to break the 1.23 mark, it could take the price back to the 1.20 level.

Source: SpreadEx 

EUR/USD (4 hours)

EUR/USD successfully broke the bearish trend line to  the upside after finding buyers near the 0.99 mark. The price has since entered into a consolidation period where a breakout to the upside could be seen before a move upwards to test 1.04. A less likely scenario is for the EUR/USD to  reverse lower again from the consolidation to test the previous support near 0.99.

Source: SpreadEx 

USD/JPY (4 hours)

The sellers are in clear control of the price of USD/JPY where lower highs and lows have been posted. The market is about to test the 131 mark. If enough sellers rejoin the downtrend after a close below the pivot level, the price could reach the 129 mark in the coming days. However, a failure to break 131 might lead to a move higher toward the 134 mark.

Source: SpreadEx 

SPX (4 hours)

SPX is in upward movement where the bulls are in clear control of the market. The price recently succesfully broke and closed above the 4,100 mark. This is a strong signal that the buyers could push the price further to the upside to test the next key resistance level near the 4,205 mark. However, if the market closes below the 4,095 mark, it could lead to a move lower toward 3,930.

Source: SpreadEx