Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

Trading the 4 hour time frame in Gold, WTI Crude, Forex & Nasdaq – trade ideas for this week.

30 April

1. 1. Emini S&P June futures made a high for the day exactly at strong resistance at 5145/55 for the second day & obviously this level remains key to direction for this week.
   The series of 4 Dojis on the daily chart suggest the market may be running out of steam.
   
2. 2. Emini Nasdaq edging very slowly towards resistance at 18050/18150.
   
   Emini S&P has recovered all the losses & bounced 100 points to 5134.
3. * A high for the day exactly at strong resistance at 5145/55 on Monday & shorts need stops above 5165.
4. * Targets: 5130, 5110, 5090. A move as far as 5050 is not out of the question.
   A break higher however is a buy signal targeting 5175, 5190 & even 5220 is possible.
5. * 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 18250.
• * Targets: 17850, 17750, 17650
  A break above 18250 however is a buy signal targeting 18350, 18450 & 18550 is even possible. 
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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

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20240430