Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
Trade ideas for Tuedsay 4th March 2024
Gold XAUUSD:
- Built on the 2 week bull trend & after we beat last week’s high on Friday at 2041/42 for a buy signal.
- After Thursday’s high exactly at resistance at 2049/50 prices reversed & made a low for the day on Friday exactly at the buy level of 2041/37 for up to 8 points profit.
- At last it all came together after such a long period of sideways inaction & as I promised it was worth waiting for the breakout. From 2041/37, we shot higher to the 2065 target & as far as 2088.
2088 happens to be the late December high so it is possible we will reverse from here. We still do not know if we are in a longer term bull trend, or if we are just testing the upper limits of a 4 year sideways consolidation. I would not try a short, that’s too risky. I do favour a push higher so I would take a break above 2090 as a buy signal for Monday targeting 2097/99, perhaps as far as 2106/08.
We are overbought in the short term so a dip to support at 2074/71 is certainly possible. Watch for a low for the morning if tested – longs need stops below 2069 but a break lower should meet a better buying opportunity at 2065/62. Longs need stops below 2057.
WTI Crude April future
- Initially finally beat resistance again at 7930/7980 for a buy signal but only reached 8085.
- I wonder if this price action is a copy of what happened in Gold on Friday.
- Prices dipped but held what should of course be support at 7980/7930, indicating that bull are gaining control at last.
Obviously bulls need prices to hold above 7980/7930 to confirm my buy signal for this week. Longs need stops below 7900.If we do hold on to 7980/30 bulls will push for 8110/40 eventually & probably even 8200/20. I would even look for 8330/60 at some stage, although I cannot give you an idea of the timing unfortunately.
It’s not the smartest traders who succeed, nor those who work the longest hours. It’s traders who learn how to control their emotions.
Learn my trading psychology secrets to gain emotional stability in my FREE 5 day challenge!
Sign up now: https://bit.ly/3RtFyZZ
Join my free telegram group for analysis and signals.
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.
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
20240304
