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 was forming a bull flag as predicted. Longs at strong support at 1893/90 worked perfectly as we held above 1885 & shot higher to my targets of 1914, 1924/26 & 1935.

An easy 40 point profit. If you only did this trade all week, you’ve had a great week.

Silver spent a long time holding resistance at 2095/2105 & it looked like silver could not break higher to follow Gold. However eventually we broke higher for a buy signal & reached my target of 2190/99 with a high for the day exactly here.

Silver not as strong as gold but held minor support at 2150/40 to target minor resistance at 2210/20. I thought shorts here could be risky but in fact they worked perfectly if you tried them. Silver held below the stop at 2240 & collapsed to 2161.

WTI Crude MAY broke the lower end of the 4 month range.

We wrote: A break below 6990 targets 6920/00 & 6850/40, but we could eventually fall as far as 6650/20.

WOW! I did not expect that target to be hit in a few hours. If you managed to short on the break there was a very quick 300 tick profit offer before we hit 6565.

Update daily by 05:00 GMT.

Today’s Analysis.

Gold higher as expected yesterday, with longs at 1893/90 making huge profits on the bull flag breakout as we hit 1935. Still no sell signal although be aware that we do have negative divergence on the 4 hour chart. We could start to trade sideways, but likely to remain volatile as the banking crisis develops. Two support levels at 1909/05 & 1890/86. Both need a 5 point stop, as usual.

Targets for longs at 1909/05 are 1916 & 1923. Above 1926 can retest 1935/38. A break higher always possible & can target 1947/49 before a fret of the 1956/59 high. 

Silver holds resistance at 2210/20. Again shorts need stops above 2240. A break higher is a buy signal & can target very strong resistance at 2295/2305.

Downside is expected to be limited with first support again at 2150/40. Longs need stops below 2130.

WTI Crude (May) offered a 300 tick profit on shorts on the break of support as we hit 6650/20. Looking at the weekly chart below, we could have hit the targets for the breakout already.

We should have strong support at 6550/6450. Longs need stops below 6350. A break lower can target 6200/6150. First resistance at 6900/6950. Shorts need stops above 7000. A break higher targets 7150.

Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk

Jason Sen, Director

https://www.daytradeideas.co.uk

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