Technical Analysis – DayTradeIdeas
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.
Gold Spot made a low for the day exactly at first support at 1644/41. Longs worked perfectly on the bounce back to resistance at 1653/58.
Silver held below Wednesday’s high so same levels apply for today.
WTI Crude November saw a bounce from important 100 week moving average at & 500 day moving average support at 7800/7600 & completed the bullish inverse head & shoulders pattern to confirm a buy signal. Yesterday we held just 10 ticks from key resistance at 8300/8350.
Remember when support is broken it usually acts as resistance & vice-versa.
Update daily by 05:00 GMT
Gold making a break above resistance at 1653/58 so holding above 1660 can target longer term Fibonacci & 200 week moving average resistance at 1677/81. A high for the day is expected. Shorts need stops above 1686. A weekly close above here is a buy signal for next week.
Holding key resistance at 1653/58 targets 1650 & first support at 1644/41. Longs need stops below 1637. On a break lower look for 1632/30.
Silver shot higher to retest resistance at 1890/1910. Holding here today re-targets 1870 & support at 1850/40. Longs need stops below 1835. If we continue lower look for 1810/00, perhaps as far as 1785/80.
First resistance at 1890/1910. Shorts need stops above 1930.
WTI Crude NOVEMBER longs at important support from 1 & 3 month trend line & 100 WMA at 7800, down to the 500 day moving average at 7600 worked perfectly. The potential head & shoulders pattern was completed with a break above 7920 to target 8100/8150 & just 16 pips from my ultimate target of 8250 for profit taking. A high for the day just 10 ticks from key resistance at 8300/8350 so this remains key for today. Shorts need stops above 8400. A break higher targets 8600, perhaps as far as strong resistance at 8740/60.
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Jason Sen, Director