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 sideways as predicted.
Silver made a low for the day exactly at first support again at 2150/40.
WTI Crude MAY made a high for the day exactly at first resistance at 6900/6950.
Update daily by 05:00 GMT.
Gold still no sell signal although be aware that we do have negative divergence on the 4 hour chart. We could start to trade sideways & we certainly did yesterday as predicted. Two support levels again 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 a high for the day exactly at 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.
A low for the day exactly at first support at 2150/40. Longs need stops below 2130. A break lower targets 2085/80 & 2050/40.
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 certainly saw a good bounce from here yesterday & made a high for the day exactly at first resistance at 6900/6950.
We should have strong support again 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.
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Jason Sen, Director