Technical Analysis DayTradeIdeas
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.
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Gold shorts worked last week as we hit my target of 1913/11. This was the low for the week.
I think the outlook remains negative despite oversold conditions. I see no indication that Gold will recover at this stage. Therefore gains are likely to be limited with minor resistance at 1920/22. We should struggle to beat this level initially but a recovery as far as strong resistance at 1927/30 cannot be ruled out. Shorts need stops above 1933. Just be aware that there is very strong resistance at 1938/42. Shorts need stops above 1946.
Downside targets: 1921 & 1912/10. On a break lower which is likely this week, we look for 1904. There is only 1 support of note this week at 1900/1895. Longs need stops below 1890. A break below 1890 this week is an important sell signal.
Silver meets strong support at 2245/25 as we become oversold. Try a long here with stop below 2210. Targets: 2300, 2340.
Strong resistance at 2315/25. If tested today, shorts need stops above 2440.
WTI Crude September finally beat resistance at the December/January/March highs at 8250/8350 after holding for a full 7 days. This was an important buy signal targeting 8450/70 (a high for the week here & probably 8530/50 this week.
If you missed buying the break higher there was a perfect pull back to my support again today at 8300/8250 on Friday. Longs need stops below 8200 today. A break lower however is a sell signal to target strong support at 8080/50. Longs need stops below 7980.
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Jason Sen, Director
https://www.daytradeideas.co.uk
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