Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
06 February
Silver XAGUSD
- 1. Silver broke support at 8320/8220 & crashed again to targets of 8030 & 7830/7800 but broke last week’s low at 7132 to hit 6400.
- 2. Looks like we are establishing a short term bear trend so gains are likely to be limited.
- 3. First resistance at 7030/7090 but a break above 7150 allows a recovery to 7450/7500 & perhaps as far as resistance at 7700/7800.
- 4. Shorts need stops above 8000.
- 5. WE HAVE VERY IMPORTANT SUPPORT AT 64.00/63.00 & we have already made an over night low here.
- 6. On a retest today, try longs with stop below 6150.
- 7. Just be aware that a weekly close below the 100 day moving average at 6330/6300 would be a sell signal for the start of next week.
8. Initially we could fall to 6000/5950 & then test 6 month trend line support at 5830/5770.
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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.
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
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