Weekly Technical Analysis 11/03/2024
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 the impulsive phase continues with a slight increase in price to 17,746, now above its upward-sloping 20-period VWAP of 17,530. The index finds new support at 17,012 and faces resistance near 18,047. The RSI has decreased to 67, indicating strong positive momentum but is no longer in the overbought territory.
UK 100 is still consolidating in a neutral trend, with its price now at 7,631.5, below the slightly higher 20-period VWAP of 7,672.4. The index's support level has adjusted to 7,605.3, with resistance at 7,739.5. The RSI has decreased to 47, suggesting a shift towards a more bearish momentum than last week.
Wall Street has transitioned from the impulsive phase of a bullish trend to a corrective phase, with its price decreasing to 38,699, below the upwards-sloping 20-period VWAP of 38,818. The support for this index has adjusted to 38,412, with resistance now at 39,224. The RSI has decreased significantly to 49, indicating a reduction to neutral momentum.
Brent Crude is consolidating in a neutral trend with a slight bullish bias, with its price decreasing to 81.62, below the 20-period VWAP of 82.23. The support level has adjusted to 80.78, with resistance remaining very close at 83.67. The RSI is at 48, indicating a shift to neutral momentum.
Gold is rip-roaring into a new bullish trend but with a significant increase in price to 2,178, well above the 20-period VWAP of 2,075. The support level has advanced significantly to 1,950, with resistance now at 2,200. The RSI at 85 indicates a very strong positive momentum, emphasising an increased bullish sentiment but also in overbought territory.
EUR/USD has shifted from the corrective phase of a bearish trend to the impulsive phase of a bullish trend, with the price increasing to 1.0943, above its upward-sloping 20-period VWAP of 1.0849. The support has now adjusted to 1.0741, with resistance at 1.0956. The RSI at 67 indicates a strong shift to positive momentum.
GBP/USD has transitioned to a bullish trend in the impulsive phase, with its price increasing to 1.2849, well above the now upwards-sloping 20-period VWAP of 1.2692. Support has risen to 1.2527, with resistance slightly adjusting to 1.2851. The RSI at 73 suggests a strong positive momentum, marking a significant shift towards bullish sentiment from the previous neutral stance.
USD/JPY has abruptly begun what appears to be a new bearish trend in the impulsive phase, with its price decreasing to 146.95, below the 20-period VWAP of 149.95. The support level has sharply adjusted to 146.96, with resistance now at 152.28. The RSI is at 30, indicating a significant move to bearish 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).
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Analysis
Germany 40 has maintained its bullish trend and the impulsive phase continues with a slight increase in price to 17,746, now above its upward-sloping 20-period VWAP of 17,530. The index finds new support at 17,012 and faces resistance near 18,047. The RSI has decreased to 67, indicating strong positive momentum but is no longer in the overbought territory.
UK 100 is still consolidating in a neutral trend, with its price now at 7,631.5, below the slightly higher 20-period VWAP of 7,672.4. The index's support level has adjusted to 7,605.3, with resistance at 7,739.5. The RSI has decreased to 47, suggesting a shift towards a more bearish momentum than last week.
Wall Street has transitioned from the impulsive phase of a bullish trend to a corrective phase, with its price decreasing to 38,699, below the upwards-sloping 20-period VWAP of 38,818. The support for this index has adjusted to 38,412, with resistance now at 39,224. The RSI has decreased significantly to 49, indicating a reduction to neutral momentum.
Brent Crude is consolidating in a neutral trend with a slight bullish bias, with its price decreasing to 81.62, below the 20-period VWAP of 82.23. The support level has adjusted to 80.78, with resistance remaining very close at 83.67. The RSI is at 48, indicating a shift to neutral momentum.
Gold is rip-roaring into a new bullish trend but with a significant increase in price to 2,178, well above the 20-period VWAP of 2,075. The support level has advanced significantly to 1,950, with resistance now at 2,200. The RSI at 85 indicates a very strong positive momentum, emphasising an increased bullish sentiment but also in overbought territory.
EUR/USD has shifted from the corrective phase of a bearish trend to the impulsive phase of a bullish trend, with the price increasing to 1.0943, above its upward-sloping 20-period VWAP of 1.0849. The support has now adjusted to 1.0741, with resistance at 1.0956. The RSI at 67 indicates a strong shift to positive momentum.
GBP/USD has transitioned to a bullish trend in the impulsive phase, with its price increasing to 1.2849, well above the now upwards-sloping 20-period VWAP of 1.2692. Support has risen to 1.2527, with resistance slightly adjusting to 1.2851. The RSI at 73 suggests a strong positive momentum, marking a significant shift towards bullish sentiment from the previous neutral stance.
USD/JPY has abruptly begun what appears to be a new bearish trend in the impulsive phase, with its price decreasing to 146.95, below the 20-period VWAP of 149.95. The support level has sharply adjusted to 146.96, with resistance now at 152.28. The RSI is at 30, indicating a significant move to bearish momentum.
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