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 (& holding here all through yesterday). I am betting on a bounce from here in severely oversold conditions.
A break above 1908 is a buy signal for today & should hopefully trigger gains to targets: 1913/15, 1920, perhaps as far as 1926/28. A break above 1932 can target 1938/40.
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 weekly chart:
Silver finally hit my target & strong support at 2245/25 as we become oversold, with a low for the day 5 ticks below this week. Again today, longs need stops below 2210. Targets: 2290/95, 2320/30.
A break above 2260 is more positive for today.
WTI Crude September made a high for the day just 7 ticks from my sell level & resistance at 8150/8200.
The break below 8150 on Tuesday was my sell signal & break below 8050 yesterday was the next sell signal targeting 7950/30 (hit yesterday), probably as far as strong support at 7830/00 today. Watch for a low for the day. Longs need stops below 7750.
Minor resistance at 7990/8000. Strong resistance at 8030/50, shorts need stops above 8080.
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Jason Sen, Director