Weekly Technical Analysis 15/05/2023
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.
US TECH 100 (4 hours)
Nasdaq completed a wedge at the 13k handle and broke past the high of 13300. If prices do not overlap with the short-term floor and bulls can hold their grip above 13250, a continuation toward 14k may be possible. Otherwise, the index will be exposed to the round support again.
WALL STREET (4 hours)
Wall Street might have put a pennant in at the 33100 support unless prices fall under 32930. In that event, the right shoulder of a potential H&S may form down at 32500. Otherwise, a move past 33780 will bring 34k and the high of 34100 back on the bulls’ radar.
GERMANY 40 (4 hours)
Germany’s 40 index reached a double top at 16k after putting in an open triangle pattern by 15660. With a flag under possible formation, bulls might push prices toward 16250 unless we witness a triple top. The break under 15750 might open the door to 15500 if the triangle low succumbs to potential pressure.
SILVER (4 hours)
Silver’s upward leg ended in tears after the triangle breakout to 226.50/OZ as prices tumbled under 227.70/BBL and toward 23.70/oz. If bears increase bets below the said support, it might clear the path to 223/OZ and perhaps 222/OZ Otherwise, holding the line might see a bounce to 225/OZ, but unlikely 25.40/oz.
GOLD (4 hours)
Gold managed to stay above the 2k handle, but losing it will expose the triangle low of 11980/OZ and perhaps 1950/oz. A bounce toward 2050/oz might provide the impetus for further upside toward record highs, while a failure past it could enact a sideways consolidation.
EUR/USD (4 hours)
EUR/USD put a wedge shy of $1.11 and reversed under $1.10 and $1.09, making good resistance levels in case of a surprise upside. With the second trough at $1.0910 broken down, the first through near $1.0712 comes into the spotlight, but only if the swing of $1.0787 gives in.
Looking for further analysis? Visit us here: spreadex.com/financials/news-analysis/
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
US TECH 100 (4 hours)
Nasdaq completed a wedge at the 13k handle and broke past the high of 13300. If prices do not overlap with the short-term floor and bulls can hold their grip above 13250, a continuation toward 14k may be possible. Otherwise, the index will be exposed to the round support again.
WALL STREET (4 hours)
Wall Street might have put a pennant in at the 33100 support unless prices fall under 32930. In that event, the right shoulder of a potential H&S may form down at 32500. Otherwise, a move past 33780 will bring 34k and the high of 34100 back on the bulls’ radar.
GERMANY 40 (4 hours)
Germany’s 40 index reached a double top at 16k after putting in an open triangle pattern by 15660. With a flag under possible formation, bulls might push prices toward 16250 unless we witness a triple top. The break under 15750 might open the door to 15500 if the triangle low succumbs to potential pressure.
SILVER (4 hours)
Silver’s upward leg ended in tears after the triangle breakout to 226.50/OZ as prices tumbled under 227.70/BBL and toward 23.70/oz. If bears increase bets below the said support, it might clear the path to 223/OZ and perhaps 222/OZ Otherwise, holding the line might see a bounce to 225/OZ, but unlikely 25.40/oz.
GOLD (4 hours)
Gold managed to stay above the 2k handle, but losing it will expose the triangle low of 11980/OZ and perhaps 1950/oz. A bounce toward 2050/oz might provide the impetus for further upside toward record highs, while a failure past it could enact a sideways consolidation.
EUR/USD (4 hours)
EUR/USD put a wedge shy of $1.11 and reversed under $1.10 and $1.09, making good resistance levels in case of a surprise upside. With the second trough at $1.0910 broken down, the first through near $1.0712 comes into the spotlight, but only if the swing of $1.0787 gives in.
Looking for further analysis? Visit us here: spreadex.com/financials/news-analysis/
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