Weekly Trading Update
Technical Analysis Weekly
Start your week by identifying the key price levels with a trend analysis of the most popular markets, including indices, commodities & forex, from the SpreadEx Research team.
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Wall Street (DAILY)
The false breakout to new highs on Jan 4 has led to a choppy pullback to the former record high from August 2021. Three long tails on daily candlesticks in the past week suggest strong demand.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Sideways |
35,600 |
35,050 |
36,050 |
36,500 |
Source: SpreadEx
UK 100 (DAILY)
The UK 100 continues to probe highs not seen since before the pandemic. The former all-time high above 7700 is major resistance.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
7500 |
7400 |
7600 |
7700 |
Source: SpreadEx
Germany 30 (DAILY)
The index is consolidating after a test of the record high formed in November. For now, the uptrend is intact as the price makes higher lows and the RSI is above 50.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
15,850 |
15,400 |
16,300 |
16,500 |
Source: SpreadEx
Gold (DAILY)
The price has stalled at 1830 for a second time in January. Two hanging men and a shooting star pattern on the daily candle chart imply a further decline but the rising RSI trendline supports higher prices.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Sideways |
1810 |
1780 |
1830 |
1850 |
Source: SpreadEx
Silver
The price is testing a confluence of resistance at 23.20/50 after having rebounded from 22. A move over 23.50 implies a test of the top of the range near 25.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Sideways |
22.00 |
21.50 |
23.50 |
24.90 |
Source: SpreadEx
Brent Crude (WEEKLY)
From this weekly chart, it can be seen that Brent is back near its 2018 peak for a second time. The uptrend indicates a breakout with 100 next major resistance.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
75 |
65 |
87 |
100 |
Source: SpreadEx
GBP/USD (DAILY)
Cable is trending strongly but an evening star formation at 1.375 is bearish. A steeper correction could test 1.36 support.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
1.36 |
1.335 |
1.375 |
1.385 |
Source: SpreadEx
EUR/USD (DAILY)
A tweezer top and bearish engulfing pattern formed over the last 2 daily candles is bearish near term. Bulls need the breakout area at 1.138 to hold, else there could be another drop under 1.13.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
1.138 |
1.128 |
1.152 |
1.16 |
Source: SpreadEx
USD/JPY (DAILY)
A larger hammer pattern off 113.5 support is bullish near term with the price possibly having ended its pullback from an overbought RSI.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
113.5 |
112.5 |
115 |
116.3 |
Source: SpreadEx
Tesla (DAILY)
A bearish engulfing candlestick pattern on the daily chart looks to have formed the right shoulder of a bearish head and shoulders pattern.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Sideways |
99,000 |
90,000 |
111,000 |
121,000 |
Source: SpreadEx
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