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 trades mostly sideways for a week but I think this is a consolidation in a short term bear trend & so the outlook remains negative. I think eventually we will head lower again.
Silver made a high for the day exactly at resistance at 2195/2205.
WTI Crude MAY holding a range from 7300/7270 up to 8320/50. Resistance at 7760/7800, with a high for the day exactly here yesterday. If you did short, there was a potential profit of 150 ticks.
An inside day yesterday does not help me judge direction for today in this volatile sideways consolidation.
Update daily by 05:00 GMT.
Gold meets strong resistance at 1850/53 on any bounce today. Shorts need stops above 1858. A break higher sees 1853/50 act as support targeting 1859/60, 1864/85 & perhaps as far as resistance at 1870/75. Shorts need stops above 1880.
Targets for shorts are 1840, 1835, 1825. Eventually we should retest last week’s low at 1820/17. I do not expect this to hold for long & a break lower can target 1809/06.
Silver a high for the day exactly at resistance at 2195/2205. Shorts need stops above 2215. A break higher can target 2235/40 & strong resistance at 2250/60. Shorts need stops above 2280.
Shorts at 2195/2205 can target 2170/65 & 2150/40. Eventually we should retest 2125/15, although I have no idea of the timing.
A break below last week’s low at 211 can target the 200 day moving average at 2100/2095
WTI Crude May still difficult to read in the wide sideways trend. A break below 7550 today targets 7680/50. Below 7400 meets strong support at 7330/7280. Longs need stops below 7220.
We should have strong resistance again at 7760/7800. Shorts need stops above 7850.
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Jason Sen, Director