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.
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Gold has serious triple top risk with last week’s high for the week at the all time high. I am waiting for a break below 2 support levels for a sell signal.
Gold has key support at 2010/2005. There is support again at 1995/1990. A break below here should be an important sell signal initially targeting 1970/65.
Holding above 2010 can retest yesterday’s high at 2027/30. Further gains target 2043/46. Above 2050 can retest the triple top at 2067/72.
Silver has double top risk in silver.
Again I am waiting for a break below 2 support levels for a sell signal.
First support at 2525/20. Longs need stops below 2515. A break lower is a sell signal targeting support at 2470/60. Longs need stops below 2440. A break below here is a more important sell signal for this week & can initially target 2375/70.
Obviously we have resistance at the double top 22605/15. Bulls need a break above 2620 for a buy signal this week.
WTI Crude (June) double bottom buy signal after Thursday’s bullish hammer candle at the longer term support level at 6525/6360 on the weekly chart has triggered significant gains.
I hope you managed to get in to a long position in time.
The bullish morning star candle pattern was another buy signal & yesterday we shot higher to my next target of 7340/70 with a high for the day exactly here.
So far so good!! Where next? A break above 7400 should be a buy signal for today targeting strong resistance at 7560/7600. A high for the day is likely. Shorts need stops above 7660.
Failure to beat my next target of 7340/70 risks a slide to 7230/10. If we continue lower look for support at 7140/20. Longs need stops below 7090.
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Jason Sen, Director