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 XAUUSD beat 1950 for another buy signal targeting 1962/65 on Wednesday. The break above 1965 yesterday targeted 1970/75 & 1980/82, with a high for the day exactly here.
I think it is fair to say that buying as prices broke higher each day through 1932, 1950 & 1965 this week has been the right strategy & the targets have been perfectly accurate.
Further gains are expected as far as 1986/88 & 2000 despite severely overbought conditions. No sell signal yet so 2020 is certainly possible.
First support at 1956/53. Longs need stops below 1950. Strong support at 1942/38. Longs need stops below 1934.
Silver XAGUSD longs at first support at 2275/65 worked perfectly targeting 2295 & 2320/30.
First support again at 2275/65. Longs need stops below 2260. A break lower meets strong support at 2235/25. Longs need stops below 2215.
WTI Crude December futures broke good support at 8690/60 but the buying opportunity at even better support at 8590/8560 worked perfectly with a low for the day exactly here at 8544.
The break above Wednesday’s high at 8857 triggers the next leg higher in the bull trend targeting 8970/90, with a high for the day only 16 ticks below yesterday. If we continue higher as I expect today, look for 9060/9090. First support at 8850/20 then strong support at 8780/40 & longs need stops below 8720.
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Jason Sen, Director
https://www.daytradeideas.co.uk
20231020
