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.
EURUSD plunged this week as expected after the bearish engulfing candle on Thursday.
USDCAD made a high for the day 3 pips from first resistance at 1.2530/50 this week & collapsed to my buying opportunity at the 500 week moving average at 1.2440/10.
A LOW FOR THE DAY EXACTLY AT THIS TARGET & BUYING OPPORTUNITY.
Emini S&P JUNE stretched to the next target of 4580/85 before turning lower to strong support at 4520/10 – a low for the day almost exactly here.
Nasdaq June shorts at strong resistance at 15100/15200 worked perfectly with a high for the day exactly here.
Emini Dow Jones June likely to be building a short term head & shoulders pattern with neck line at 34400.
Update daily by 05:00 GMT
Today’s Analysis.
EURUSD continues lower as expected breaking support at 1.0960/50 for a sell signal targeting important 5 year trend line support at 1.0850/20. Longs need stops below 1.0780.
Gains are likely to be limited with resistance at 1.0950/60. Shorts need stops above 1.0980.
USDCAD longs at the 500 week moving average at 1.2440/10 worked perfectly with a high for the day exactly here. Longs need stops below 1.2370. A break lower is an important medium term sell signal.
Minor resistance at 1.2510/30 but shorts are probably too risky. A break higher targets a sell opportunity at 1.2590/1.2610. Shorts need stops above 1.2625.
Emini S&P JUNE holding strong support at 4520/10 targets 4530/35. I think gains are likely to be limited but above here can target look for resistance at 4555/65. If we unexpectedly continue higher look for a retest of 4585/80, before resistance at 4625/30. However a break above 4640 opens the door to 4660/70 & a break above here is the next buy signal.
We held strong support at 4520/10. Longs need stops below 4495. A break lower this week is a sell signal targeting 4480 then 4450/40.
Nasdaq JUNE shorts at strong resistance again at 15100/15200 worked perfectly targeting 14950/900 & minor support at 14750/700. Longs are too risky I think. A break lower is a sell signal targeting 14600 & 14450/350.
Strong resistance again at 15100/15200. Shorts need stops above 15350. An unexpected break higher this week is a buy signal targeting 15500/520, perhaps as far as 15650.
Emini Dow Jones JUNE made a high for the day about 100 ticks above first resistance at 34850/900. Shorts worked perfectly on the slide as predicted to 34600/550, perhaps as far as 34440/400 today. A break below 34400 is a sell signal targeting 2 week lows at 34200/150, probably 33990/950, perhaps as far as 33800. Strong resistance at 34850/950 – shorts need stops above 35150.
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No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.
Jason Sen, Director
https://www.daytradeideas.co.uk
20220406
