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 saw a high for the day exactly at resistance at 1859/61. Shorts worked perfectly hitting my target of 1830/25 for an easy 30 point profit on the day. We caught the exact high & low for the day (yet again!).
Silver we wrote: holding resistance at 2200/2220 as predicted, with a high for the day exactly here targets 2170/60 (hit yesterday with a low for the day exactly here in fact) & perhaps as far as 2135/30 today.
Perfect again as silver hits my target for our shorts at 2135/30, with a low for the day exactly here.
WTI Crude April holding a range from 7220/00 up to 8160/90. Longs strong support at 7760/20 worked perfectly with a low for the day at 7725 & a nice recovery to 7840/80. A 100 tick profit.
Update daily by 05:00 GMT.
Gold saw a high for the day exactly at resistance at 1859/61 as predicted yesterday. We have done well selling each bounce & holding shorts in Gold this week as prices tumble to my target of 1830/25. A low for the day exactly here in fact. Take note – we are oversold on the daily chart & testing what should be the only support for this week at 1830/25. A recovery is possible so it could be worth trying a long at 1830/25 with stop below 1820. Just be aware that a weekly close below 1825 means we could fall as far as 1790/80 early next week.
Longs at 1830/25 can target minor resistance at 1838/42. Too risky to try shorts here I think. A break above 1842 can target 1850, perhaps as far as a sell opportunity at 1858/62. Shorts need stops above 1866.
Silver shorts at resistance at 2200/2220 worked perfectly as we hit my targets as far as 2135/30 exactly as predicted. A break below 2125 today can target the 200 day moving average at 2100/2095.
Gains are likely to be limited in the bear trend with minor resistance at 2180/85. Above 2190 however can target strong resistance at 2210/15. Shorts need stops above 2225.
WTI Crude first resistance at 7860/7900. Shorts need stops above 7930. A break higher can target 8000/8020 before a retest of the February high at 8045/65. Bulls need a break above the 100 day moving average at 8100 to retest the January high at 8250/8290 – strong resistance at here from the 23.6% Fibonacci & the 500 day moving average. Shorts need stops above 8350. A break higher is an important buy signal.
Shorts at 7860/7900 can target 7800 & strong support again at 7760/20. Longs need stops below 7690. A weekly close below here is a sell signal for the start of next week.
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Jason Sen, Director