Weekly Technical Analysis 20/05/2024
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 has maintained its bullish trend and continues in an impulsive phase, with the price increasing to 18,733, now above the previous VWAP of 18,407. Support and resistance levels have adjusted to 17,687 and 19,127, respectively. The RSI has decreased slightly to 63, indicating a slight moderation in bullish sentiment compared to the previous report.
UK 100 remains in a bullish trend and continues in an impulsive phase, with the price rising to 8,429, now above the previous VWAP of 8,312. Support has increased to 8,067, while resistance has risen to 8,556. The RSI has decreased to 74, reflecting a slight reduction in bullish sentiment compared to the previous report.
Wall Street remains in a bullish trend and continues in an impulsive phase, with the price rising notably to 40,028, which is well above the previous VWAP of 38,917. The support and resistance levels have adjusted to 37,507 and 40,327, respectively. The RSI has increased to 73, signalling a further increase in bullish momentum compared to the previous report.
Brent Crude remains in a bearish trend but has shifted from an impulsive to a corrective phase, with the price increasing slightly to 84.12, now slightly above the previous VWAP of 83.81. Support has adjusted higher to 80.84, while resistance has decreased to 86.78. The RSI has increased to 47, indicating a slight moderation in bearish sentiment compared to the previous report.
Gold has shifted to a bullish trend and moved into an impulsive phase, with the price increasing to 2,442, now above the previous VWAP of 2,344. Support has adjusted higher to 2,258, while resistance has increased to 2,430. The RSI has increased significantly to 69, indicating a strengthening of bullish sentiment compared to the previous report.
EUR/USD remains in a bullish trend and continues in an impulsive phase, with the price increasing to 1.0879, now above the previous VWAP of 1.0776. Support has adjusted higher to 1.0647, while resistance has risen to 1.0906. The RSI has increased significantly to 66, indicating a strengthening of bullish pressure compared to the previous report.
GBP/USD has shifted from a neutral to a bullish trend and moved into an impulsive phase, with the price increasing to 1.2700, now above the previous VWAP of 1.2565. Support has adjusted higher to 1.2415, and resistance has increased to 1.2714. The RSI has increased significantly to 66, indicating a strengthening of bullish sentiment compared to the previous report.
USD/JPY has shifted from a bullish to a neutral trend and moved into a consolidation phase, with the price at 155.76, holding above the VWAP of 155.38. Support has adjusted higher to 152.66, while resistance has increased to 158.11. The RSI has decreased slightly to 54, reflecting a moderation in sentiment compared to the previous report.
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 has maintained its bullish trend and continues in an impulsive phase, with the price increasing to 18,733, now above the previous VWAP of 18,407. Support and resistance levels have adjusted to 17,687 and 19,127, respectively. The RSI has decreased slightly to 63, indicating a slight moderation in bullish sentiment compared to the previous report.
UK 100 remains in a bullish trend and continues in an impulsive phase, with the price rising to 8,429, now above the previous VWAP of 8,312. Support has increased to 8,067, while resistance has risen to 8,556. The RSI has decreased to 74, reflecting a slight reduction in bullish sentiment compared to the previous report.
Wall Street remains in a bullish trend and continues in an impulsive phase, with the price rising notably to 40,028, which is well above the previous VWAP of 38,917. The support and resistance levels have adjusted to 37,507 and 40,327, respectively. The RSI has increased to 73, signalling a further increase in bullish momentum compared to the previous report.
Brent Crude remains in a bearish trend but has shifted from an impulsive to a corrective phase, with the price increasing slightly to 84.12, now slightly above the previous VWAP of 83.81. Support has adjusted higher to 80.84, while resistance has decreased to 86.78. The RSI has increased to 47, indicating a slight moderation in bearish sentiment compared to the previous report.
Gold has shifted to a bullish trend and moved into an impulsive phase, with the price increasing to 2,442, now above the previous VWAP of 2,344. Support has adjusted higher to 2,258, while resistance has increased to 2,430. The RSI has increased significantly to 69, indicating a strengthening of bullish sentiment compared to the previous report.
EUR/USD remains in a bullish trend and continues in an impulsive phase, with the price increasing to 1.0879, now above the previous VWAP of 1.0776. Support has adjusted higher to 1.0647, while resistance has risen to 1.0906. The RSI has increased significantly to 66, indicating a strengthening of bullish pressure compared to the previous report.
GBP/USD has shifted from a neutral to a bullish trend and moved into an impulsive phase, with the price increasing to 1.2700, now above the previous VWAP of 1.2565. Support has adjusted higher to 1.2415, and resistance has increased to 1.2714. The RSI has increased significantly to 66, indicating a strengthening of bullish sentiment compared to the previous report.
USD/JPY has shifted from a bullish to a neutral trend and moved into a consolidation phase, with the price at 155.76, holding above the VWAP of 155.38. Support has adjusted higher to 152.66, while resistance has increased to 158.11. The RSI has decreased slightly to 54, reflecting a moderation in sentiment compared to the previous report.
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