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 breaking below the only support of note this week at 1900/1895 for an important sell signal. First target is 1870/65 but 1845/40 is not out of the question. Gains are likely to be limited, despite severely oversold conditions in the 3 month bear trend. First resistance at 1896/99. Shorts need stops above 1902.
Very strong resistance at 1905/08. Shorts need stops above 1912.
Silver longs at strong support at 2245/25 are working on the bounce to my first target of 2290/95. It now looks unlikely we will reach the second target of 2320/30, but if seen this should be a sell opportunity with stop above 2350. Strong again support at 2240/20. Longs need stops below 2210. A break lower is a sell signal.
WTI Crude September break below 8150 on Tuesday was my sell signal & break below 8050on Wednesday was the next sell signal targeting 7950/30.
Further losses can test strong support at 7830/00 today. Watch for a low for the day. Longs need stops below 7750. HOWEVER the bounce went further than I expected beating resistance at 8030/50 before we quickly retreated, which was obviously frustrating. I still think this level could hold a rally today, but if we continue higher I expect very strong resistance at 8120/60. Shorts need stops above 8200.
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Jason Sen, Director