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:
Gold XAUUSD broke the neck line of the head & shoulders pattern on the 1 hour chart at 1976/75 for our a sell signal. The break below 1955 adds pressure to the downside & as we wrote yesterday, further losses are expected to 1943/40 & even 1934/31 is possible eventually. Minor resistance at 1953/56 could hold a rally today. However if we continue higher we should meet resistance at 1968/70.
Silver XAGUSD has been in a volatile sideways consolidation, up for a couple of days, then down for a couple of days in the sideways trend. We are holding with the range set 3 weeks ago of 2235-2370. I will wait for a breakout….which could be to the downside if we follow Gold. A break lower targets 2195/90, perhaps as far as 2170/65.
WTI Crude December futures broke the lower end of the 1 week range at 8040/8000 hitting our targets of 7940/10 then 7800/7760. I hope you managed to short on the breakout.
Yesterday we wrote:
With bears in control, further losses are expected towards 7590/50 & 7510/00. (A low for the day here yesterday). A break below 7470 signals further losses towards 7390/60. Gains are likely to be limited with minor resistance at 7760/90. Shorts need stops above 7830.
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Jason Sen, Director