Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

Trade ideas for Thursday 15th February 2024

Gold XAUUSD held a $12 range as we consolidate after recent deep losses. Although we dipped below 1987 we only reached 1984. I feel comfortable trading in the direction of the 2 week bear trend, with minor resistance at 1995/97 & again at 2003/2005. I doubt we can recover any higher than this but if we unexpectedly reach strong resistance at 2010/2014 this should be an excellent sell opportunity with stop above 2017.

Eventually we should continue lower towards 1981/80 & 1974/72. Further losses are possible eventually as far as 1967/65.

Silver XAGUSD shorts at resistance at 2270/90 worked perfectly as prices collapsed from 2293 hitting my targets of 2235 & 2215. A break below 2185 is today’s sell signal targeting 2160, 2140 & perhaps as far as 2110/2100.

Very strong resistance at 2265/85 & shorts need stops above 2305.

WTI Crude March future shorts at strong resistance at 7790/7840 worked perfectly as we collapsed from 7877 to my targets of 7730 & 7700/7680. The break below 7660 signals further losses towards 7590/70 today & perhaps as far as 7520/00.

Note the bearish engulfing candle which acts as a bull trap adding pressure to the downside for today’s session.

On an unexpected retest of strong resistance at 7790/7840, shorts need stops above 7900. A break above 7900 is a buy signal for today with a break above the January high of 7929 triggering further gains to 7960/80 & as far as 8000/8020. In fact a move as far as 8090/8110 is not out of the question.

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.

Join Telegram https://t.me/daytradeideas

Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk

Jason Sen, Director

https://www.daytradeideas.co.uk

20240215