Weekly Technical Analysis 26/02/2024
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.
*KEY
Trend direction is set by the slope of the VWAP
Trend phase is determined by the current price relative to the VWAP (20) level and Elliot waves
Support & Resistance are set by the StdDev #2 Lower and Upper respectively.
Momentum is determined by the RSI level (70 as overbought and under 30 as oversold).
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Analysis
Germany 40 is currently in the impulsive phase of a bullish trend, with the price above its upward-sloping 20-period VWAP of 17,051. The index finds support at 16,678 and faces resistance near 17,340. The RSI stands at 68, indicating a positive momentum and approaching overbought territory.
UK 100 is in the impulsive phase of a neutral trend with its price above the flat 20-period VWAP of 7,634.3. The index's support level is at 7,504.6, with resistance at 7,763.9. The RSI is at 56, suggesting a slightly bullish momentum.
Wall Street is in an impulsive phase of a bullish trend, highlighted by its price above the upwards-sloping 20-period VWAP of 38,613. The support for this index is at 38,111, with resistance at 39,106.1. The RSI is at 65, indicating strong positive momentum.
Brent Crude is consolidating in a neutral trend, with its price slightly below the flat 20-period VWAP of 81.01. The support level is at 77.84, with resistance near 84.19. The RSI is at 47, indicating a neutral momentum with a slight bearish bias.
Gold is consolidating in a neutral trend, with its price just above the flat 20-period VWAP of 2,022 but close to it. The support level is at 1,994, with resistance at 2,050. The RSI at 55 indicates a neutral momentum, suggesting the market is assessing direction.
EUR/USD is in the corrective phase of a bearish trend, with the price above its down-sloping 20-period VWAP of 1.0781. The support is at 1.0715, with resistance at 1.0846. The RSI at 54 indicates a bearish bias but with potential for slight upward movement.
GBP/USD is consolidating in what has been a weak bearish trend, with the price above the flat-to-down-sloping 20-period VWAP of 1.2618. Support is found at 1.2548, with resistance at 1.2689. The RSI at 55 suggests a bearish outlook but with room for slight upward movement.
USD/JPY is in the impulsive phase of a bullish trend, with its price above the 20-period VWAP of 149.64, having recently probed above the upper StdDev #2. The support level is at 147.87, with resistance at 151.41. The RSI is at 64, indicating strong bullish momentum.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
*KEY
Trend direction is set by the slope of the VWAP
Trend phase is determined by the current price relative to the VWAP (20) level and Elliot waves
Support & Resistance are set by the StdDev #2 Lower and Upper respectively.
Momentum is determined by the RSI level (70 as overbought and under 30 as oversold).
-------------------------------------------------------------------------
Analysis
Germany 40 is currently in the impulsive phase of a bullish trend, with the price above its upward-sloping 20-period VWAP of 17,051. The index finds support at 16,678 and faces resistance near 17,340. The RSI stands at 68, indicating a positive momentum and approaching overbought territory.
UK 100 is in the impulsive phase of a neutral trend with its price above the flat 20-period VWAP of 7,634.3. The index's support level is at 7,504.6, with resistance at 7,763.9. The RSI is at 56, suggesting a slightly bullish momentum.
Wall Street is in an impulsive phase of a bullish trend, highlighted by its price above the upwards-sloping 20-period VWAP of 38,613. The support for this index is at 38,111, with resistance at 39,106.1. The RSI is at 65, indicating strong positive momentum.
Brent Crude is consolidating in a neutral trend, with its price slightly below the flat 20-period VWAP of 81.01. The support level is at 77.84, with resistance near 84.19. The RSI is at 47, indicating a neutral momentum with a slight bearish bias.
Gold is consolidating in a neutral trend, with its price just above the flat 20-period VWAP of 2,022 but close to it. The support level is at 1,994, with resistance at 2,050. The RSI at 55 indicates a neutral momentum, suggesting the market is assessing direction.
EUR/USD is in the corrective phase of a bearish trend, with the price above its down-sloping 20-period VWAP of 1.0781. The support is at 1.0715, with resistance at 1.0846. The RSI at 54 indicates a bearish bias but with potential for slight upward movement.
GBP/USD is consolidating in what has been a weak bearish trend, with the price above the flat-to-down-sloping 20-period VWAP of 1.2618. Support is found at 1.2548, with resistance at 1.2689. The RSI at 55 suggests a bearish outlook but with room for slight upward movement.
USD/JPY is in the impulsive phase of a bullish trend, with its price above the 20-period VWAP of 149.64, having recently probed above the upper StdDev #2. The support level is at 147.87, with resistance at 151.41. The RSI is at 64, indicating strong bullish momentum.
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