Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
Trading the 4 hour time frame in Gold, WTI Crude, Forex & Nasdaq – trade ideas for this week.
29 April
- 1. Emini S&P June futures made a high for the day exactly at strong resistance at 5145/55 & obviously this level remains key to direction for this week.
- 2. Emini Nasdaq reached 17901 & we have resistance at 18050/18150.
Emini S&P has recovered all the losses & bounced 100 points to 5134. - * I do not understand the bounce on a technical or fundamental basis, but it shows that bulls will not give up & will buy the dip.
- * We should have strong resistance again at 5145/55 on Monday & shorts need stops above 5165.
Targets: 5130, 5110, 5090 - * We should have support at 5050/5040 & longs need stops below 5025.
Nasdaq June futures caught me out as we shot higher to 17717.
- * I think we are probably forming a bear flag or possibly a head & shoulders & I must wait to see if the pattern develops.
- * We should find strong resistance at 18050/18150 & shorts need stops above 18300.
- * Targets: 17850, 17750, 17650
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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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Jason Sen, Director
https://www.daytradeideas.co.uk
20240429