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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Today’s trade ideas sheet:
Gold XAUUSD made a high for the day exactly at key resistance at 1932/36 & shorts need stops above 1939. A break higher is a buy signal for this week targeting 1945 & 1955. Targets for our shorts: 1928 & 1925. A break below 1923 signals further losses towards 1920 & 1916.
Silver XAGUSD holding around the middle of the 6 month sideways consolidation. All I can suggest is try a short at 2455/70. Shorts need stops above 2480. Try a long at 2235/20. Longs need stops below 2205.
WTI Crude October longs at my buying opportunity at 8970/50 worked perfectly as we hit my target of 9300. An easy 300 ticks for swing traders.
Remember, I actually predicted the rally from the $65 over 4 months ago.
Yesterday I warned you: WE ARE SEVERELY OVERBOUGHT SO BE CAREFUL RUNNING LONGS. Certainly taking some profit is advisable. However there is definitely no sell signal.
Therefore it was no surprise to see prices tumble after hitting my $93 target & make a low for the day almost exactly at first support at 9100/9080.
Could I have been any more accurate over the last few weeks? Longs need stops below 9050.
I believe we will now enter a consolidation phase to ease severely overbought conditions, so expect some sideways trading. We do not yet know the pattern of the sideways consolidation so we must wait. We should have strong support at 9000/8950 & Bulls have certainly not given up at this stage. Longs need stops below 8900.
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Jason Sen, Director
https://www.daytradeideas.co.uk
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