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 lower as predicted to my next target & only support of note this week at 1900/1895 (& we made a low for the day exactly here yesterday). I am betting on a bounce from here in severely oversold conditions.
Gold weekly chart:
A break above 1911 is a buy signal for today & should hopefully trigger gains to targets: 1914, 1920, perhaps as far as 1928. A break above 1932 can target 1938/40.
Gold daily chart:
Longs need stops below 1890. A break below 1890 this week is an important sell signal. If this happens today, first target is 1870/65 but 1845/40 is not out of the question.
Gold 4 hour chart:
Silver finally hit my target & strong support at 2245/25 as we become oversold, with a low for the day exactly just 5 ticks below & a good bounce. Again, longs need stops below 2210. Targets: 2295, 2320.
WTI Crude September made a false break above resistance at 8250/8350 before rejecting the 500 day moving average at 8480. My bad – I did not think this would have enough power to end the rally. There was almost a bearish engulfing candle on the 10th August & in hindsight I should have called a top in overbought conditions.
The break below 8150 yesterday was my sell signal & break below 8050 is the next sell signal if seen today. This could accelerate losses, targeting 7950/30, probably as far as strong support at 7830/00. Longs need stops below 7750.
So for now I must assume we are in a 9 month sideways channel from 6400/6300 up to 8250/8450. Today’s resistance at 8150/8200. Shorts need stops above 8260.
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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