Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

14 November

Silver  XAGUSD

1. 1. Silver did retest the all time high at 5445 as expected.
2. 2. We wrote: This is the main challenge for bulls today but I would not try a short.
3. 3. Well, a high for the day exactly at the all time high could signal the formation of a double top sell signal – although we would need to break the neck line at 4570 for the signal to trigger so we are a long way off at this stage.
4. 4. A break above 5455 is a buy signal targeting 5495/99 & 5535/40
5. 5. I think this is the most likely scenario eventually, although I do not know the timing.
6. 6. The collapse as far as 5204 was unexpected yesterday – a full 234 tick collapse tested short term 23.6% Fibonacci support at 5235/15.
7. 7. This support could work on a retest today but longs need stops below 5185.
8. 8. A break lower risks a slide to 5165/60, perhaps as far as a buying opportunity at 5110/5090 & longs need stops below 5075.
9. 9. The profit taking reaction at the all time high yesterday left a minor negative candle on the daily chart – not as severe as the bearish engulfing candle seen when we first hit this all time high on 17 October.
10. 10. However it cannot be ignored & if we saw further significant selling pressure today we can target 5050/5030.
11. 11. Obviously bulls need a weekly close tonight above 5450 to kill any negativity.

12. Next targets are  5485/95 & 5535/45 with 5600/5615 the ultimate target at this stage.

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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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