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 XAUUSD is held in a range from resistance at 1928/30 down to minor support at 1918/16.
Trading my levels has worked perfectly for a few days & we can continue to trade these levels while I wait for a breakout. Shorts at 1928/30 need stops above 1934.
We are in a 4 month bear trend so a break below below 1913 is possible targeting 1904/02.
Silver XAGUSD is trading at the lower end of the 5 month sideways channel from 2240/20 up to 2450/70.
In the very short term we are holding a range from 2290/80 up to minor resistance at 2325/35. I will wait for a breakout.
WTI Crude October forming a bull flag, with prices consolidating recent gains but no sell signal despite overbought conditions.
The lower trend line is at 8650/30 today. A break below 8600 targets 8520/8480 which is likely to see a low for the day if tested.
If we continue lower however look for a buying opportunity at strong support at 8320/8280. Longs need stops below 8230.
Targets: 8400, 8480
Upper trend line resistance at 8790/8810. A break above 8825 should be a buy signal targeting 8880, 8835 & perhaps as far as 8970/90.
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Jason Sen, Director