Weekly Technical Analysis 27/11/2023
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 (Daily)
The flat trendline positioned around 35,660, along with the VWAP's bullish signal and the bullish Harami pattern, suggests that if the price breaks above this trendline, it could confirm a continued uptrend. Conversely, if the price fails to breach this level, the trendline may act as a strong resistance.
Germany 40 (Daily)
The index is in a bullish trend, with the VWAP moving upwards. The last candlestick is an Engulfing pattern, which is bullish. The RSI is at 74, suggesting that the index is in the overbought region, which may lead to a temporary retracement.
UK 100 (Daily)
The chart presents a bullish trend with an ascending VWAP. The latest candlestick pattern is a bullish Harami, suggesting a potential reversal. The RSI at 51 is neutral. Traders may look at 7355 as support and 7525 as the next resistance level.
BRENT CRUDE (Daily)
The oil chart shows a slight bearish to sideways trend, with a downward-sloping VWAP. The RSI is at 40.19, indicating potential for upside if it moves out of the oversold region. Support is at 77.89, with resistance at 81.37.
GOLD (Daily)
The chart shows Gold consolidating with a slightly bullish bias, as indicated by the VWAP. The RSI at 63.9 is neutral, suggesting no immediate overbought or oversold conditions. Support and resistance levels are at 1933 and 2011.
EUR/USD (Daily)
The chart indicates a bullish trend as the VWAP is ascending, and the latest candlestick pattern is a bullish Harami, suggesting a potential reversal after a downtrend. The RSI is at 69.71, near the overbought threshold, which could signal a pause or pullback in the near term. Key levels to watch are support at 1.0817 and resistance at 1.1032.
GBP/USD (Daily)
This chart also shows a bullish trend, with the VWAP on an upward trajectory. A bullish Engulfing pattern has formed, indicating potential for further upside. The RSI is at 68.60, also approaching overbought territory. Traders might consider the next support at 1.2412 and resistance at 1.2677.
USD/JPY (Daily)
This currency pair shows a bullish trend, with the VWAP sloping upwards. The latest candlestick pattern is a bullish Engulfing, indicating the potential for further gains. The RSI is neutral at 44.16, suggesting there's room for the price to move either way.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
-----------------------------------------------------
Wall Street (Daily)
The flat trendline positioned around 35,660, along with the VWAP's bullish signal and the bullish Harami pattern, suggests that if the price breaks above this trendline, it could confirm a continued uptrend. Conversely, if the price fails to breach this level, the trendline may act as a strong resistance.
Germany 40 (Daily)
The index is in a bullish trend, with the VWAP moving upwards. The last candlestick is an Engulfing pattern, which is bullish. The RSI is at 74, suggesting that the index is in the overbought region, which may lead to a temporary retracement.
UK 100 (Daily)
The chart presents a bullish trend with an ascending VWAP. The latest candlestick pattern is a bullish Harami, suggesting a potential reversal. The RSI at 51 is neutral. Traders may look at 7355 as support and 7525 as the next resistance level.
BRENT CRUDE (Daily)
The oil chart shows a slight bearish to sideways trend, with a downward-sloping VWAP. The RSI is at 40.19, indicating potential for upside if it moves out of the oversold region. Support is at 77.89, with resistance at 81.37.
GOLD (Daily)
The chart shows Gold consolidating with a slightly bullish bias, as indicated by the VWAP. The RSI at 63.9 is neutral, suggesting no immediate overbought or oversold conditions. Support and resistance levels are at 1933 and 2011.
EUR/USD (Daily)
The chart indicates a bullish trend as the VWAP is ascending, and the latest candlestick pattern is a bullish Harami, suggesting a potential reversal after a downtrend. The RSI is at 69.71, near the overbought threshold, which could signal a pause or pullback in the near term. Key levels to watch are support at 1.0817 and resistance at 1.1032.
GBP/USD (Daily)
This chart also shows a bullish trend, with the VWAP on an upward trajectory. A bullish Engulfing pattern has formed, indicating potential for further upside. The RSI is at 68.60, also approaching overbought territory. Traders might consider the next support at 1.2412 and resistance at 1.2677.
USD/JPY (Daily)
This currency pair shows a bullish trend, with the VWAP sloping upwards. The latest candlestick pattern is a bullish Engulfing, indicating the potential for further gains. The RSI is neutral at 44.16, suggesting there's room for the price to move either way.
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