Technical Analysis – DayTradeIdeas
Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.
Gold bearish engulfing candle on the daily chart & then the weekly chart suggested the 3 month rally in Gold just ended.
Silver huge bearish engulfing candle on the weekly chart is a sell signal as we take out all the candles for the 7 weeks last week.
WTI Crude April unexpectedly recovered all of Friday’s steep losses yesterday.
Update daily by 05:00 GMT.
Gold crashed almost $100 from Wednesday’s high in just 2 days leaving a brutal bull trap for those who bought in to longs over the past 3 weeks (& did not take the profit).
Further losses look very likely with a break below minor support at 1855/50 acting as the sell signal to target 1830/25. Eventually we could fall as far as 1790/80.
Shorts at 1882/85 worked perfectly with a high for the day exactly here. Today we can try this again with stop above 1890. A break higher however can target 1896/98.
Silver holding the most important support of the week at 2210/00 perfectly all week so far. A low for the day exactly here yesterday but longs need stops below 2185. A break lower is a sell signal & sees 2200/2220 act as resistance to target 2170/60 & 2135/30.
Longs at 2210/00 can target resistance at 2260/70 for profit taking. Shorts need stops above 2280. Strong resistance at 2300/2310. Shorts need stops above 2320.
WTI Crude shorts at 7590/7630 unfortunately stopped above 7660 for a buy signal seeing 7640/00 act as support, targeting 7720/50. A high for the day here but further gains are possible today to resistance at 7840/80. Shorts need stops above 7910. A break higher can target the February high at 7940/70 then 8020/40.
Support at 7560/30. Longs need stops below 7490.
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Jason Sen, Director