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 continues higher but only slowly from the buying opportunity at 1955/50 as we reach the next target of 1982 then 1986. If we continue higher we could retest 1995/97. No sell signal yet so a break above 2000 means the next target of 2020 is certainly possible this week.
Support again at 1955/50 & longs need stops below 1945. A break below 1945 however is a sell signal targeting 1940/38 & perhaps as far as 1928/25 for profit taking on any shorts.
WTI Crude December futures unexpectedly broke the best support for this week at 8650/8600 for a sell signal going in to the end of the week & if you did switch in to a short position on the break, prices collapsed by another 250 ticks to key support at 8300/8250. We over ran to 8208, hopefully keeping you long for the bounce to 8550. We are stuck in a range now so this will be difficult until we start to trend again.
We should meet resistance at 8650/8700. Shorts need stops above 8750. A break higher can target 8810/50, perhaps as far as 8920 & even 8960. A break below 8190 is a sell signal targeting 8150 & probably as far as 8080/8060.
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Jason Sen, Director