Weekly Technical Analysis 22/04/2024Start 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 shifted to a bearish trend and entered an impulsive phase, with the price now at 17,827, which is below the VWAP of 18,013. The index has found new support at 17,499 and is encountering resistance at 18,564. The RSI has decreased to 42, indicating a significant shift in market sentiment from previously bullish to currently bearish.
UK 100 remains in a neutral phase, turning from bearish to quickly bullish again in a generally sideways move. The price has slightly increased to 7,986, positioning it above the VWAP of 7,913. The new support level is now 7,836, while resistance aligns exactly with the current price at 7,986. The RSI has decreased to 62, reflecting a cooling of earlier bullish sentiment.
Wall Street continues to be bearish and the recent sell-off leaves it in an impulsive phase. The price is slightly higher at 38,117, yet it falls below the VWAP of 38,444. The support and resistance levels have been significantly adjusted to 37,183 and 39,704, respectively. The RSI is down to 41, further signalling a deepening of the bearish momentum.
Brent Crude remains bullish with an upwards sloping VWAP but has transitioned to a corrective phase. The price has dropped to 85.66, below the VWAP of 88.73. Support has been set at 85.41, with resistance not far off at 92.05. An RSI of 39 indicates a significant reduction in bullish momentum.
Gold continues to display a bullish trend and is in an impulsive phase as price hovers near recent highs, with the price rising to 2,364, above the VWAP of 2,335. The support level has been revised up to 2,244, and resistance has been slightly adjusted to 2,426. The RSI at 63 shows a mild decrease in bullish sentiment.
EUR/USD remains bearish and in an impulsive phase, with the price slightly higher at 1.0664 above recent lows, yet still well below the VWAP of 1.0735. The support has been adjusted to 1.0560, with resistance at 1.0910. The RSI has risen slightly to 38, suggesting a softening of the bearish pressure.
GBP/USD continues to be bearish and impulsive, with the price now at 1.2382, below the VWAP of 1.2535. The support level has been revised down to 1.2324, with resistance noted at 1.2746. The RSI has decreased to 31, indicating a slight intensification of bearish momentum.
