Technical Analysis: 6x charts of the week

An updated weekly analysis of the price action across stock indices, forex and commodities.

S&P 500

s&p 500 candle chart

The S&P 500 is forming a potential inverse head and shoulders pattern with 3420 as the neckline. RSI holding above 35 is indicative of an uptrend.

 

Swiss Market Index (SMI)

smi index  candle chart

The SMI is going sideways - stuck to its 50 DMA and in the middle of a 10,000 to 10,500 trading range.

 

EUR/USD

eur/usd candle chart

The euro-dollar exchange rate has stalled at a previously broken up-trendline and the 50 DMA. A break above a falling RSI trendline suggests a break higher in price.

 

GBP/USD

gbp/usd candle chart

The pound dollar has twice found resistance at 1.30 and its 50 DMA. A bullish divergence on the RSI suggests an upside break.

Gold

gold candle chart

Gold has formed a bearish engulfing candlestick pattern at around $1900 per oz- which was former support. The implies bearish momentum which could take price below support at $1860.

 

Oil

oil candle chart

Brent crude oil (BCO/USD) has made a false breakout of a falling trendline at recent highs of $42.50 per barrel. Then trend is short-term bearish while under the 50 DMA but bullish divergence in RSI indicates a possible break higher.

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