A compendium of daytrade ideas – 19/08/13

WTI Crude hit the 107.99/108.05 target with trend line resistance at 108.25/35 limiting the topside as predicted. We then bounced off the first support at 106.60/50 exactly as predicted. 108.17/25 is obvious resistance today therefore but we are in a 6 day up trend so a break above 108.35 is possible & should target August highs at 108.82. Exit longs here & try shorts up to July highs at 109.32 expecting to hit profit taking this week. Stops on shorts needed above 109.60. 

First support is at 106.60/50 & could hold the downside again today. However if we continue lower look for a test of good support at 105.95/90 & a buying opportunity. Exit shorts & try longs with stops below 105.55. A test of 105.19/15 could then follow if we continue lower.

Brent Crude broke 109.92-110.05 keeping the up trend for the target of 110.76 & topped almost exactly here at 110.70. You cannot bet against a break higher today for a test of 111.20. We should struggle here as we start to look overbought but if we continue higher look for 111.52/68. 

Failure to beat 110.70/76 sees a dip to immediate support at 110.05/00 which could mark a low for the day. However longs need stops below 109.80 for 109.60/55. If this does not hold, look to exit shorts & try longs down to 109.30/25 expecting a bounce from here but with stops below 108.90.

Natural Gas held strong Fibonacci resistance at 3.439 which was our a selling opportunity. We predicted an end the correction & a turn lower. Exactly as expected we tested support at 3.362& saw a bounce from here as predicted. However we could continue lower today to good support at 3.330/317. Expect a low for the day so exit shorts & try longs but we need stops below 3.245.

If we hold 3.362/360 again today look for a move towards 3.426/434 & a second selling opportunity. Exit longs & try shorts with stops above 3.465. A break higher should then signal further gains with a gap to fill at 3.548. We should struggle here as we start to look overbought on the daily chart at this stage.

Spot Gold hit the 100 day moving average at 1375 & struggled as expected being overbought, topping at 1379.60. However at this stage it’s unwise to look for a sell off so be ready for a break higher & a move towards 1390/92. This could hold the topside for today at least but any further gains perhaps later in the week could target 1415/18 for a selling opportunity.   

Any weakness finds some support at 1370 but below here look for a buying opportunity at 1357/55. A low for the day is likely but with the recent volatility we need wide stops below 1347 for the next support at 1338/33. Exit shorts & try longs expecting a good bounce from here but with stops below 1325. 

Gasoil September beat April highs at 940 & closed above here as we now look for a test of 944.50/00. We are very overbought so this could hold the topside today but a break higher in this recent uptrend cannot be ruled out and could target a selling opportunity at 948.50/949. 

Good support at 937.50 but below here 394.75/50 should hold the downside today. However a break lower could target 932.50/25 before a buying opportunity at 930.75/00.

RBOB Gasoline saw some profit taking before the weekend as expected & tested support at 296, overrunning to 295 before a bounce. We could continue lower today to 293.25 for a buying opportunity with stops below 292.00.    

Last week’s high at 300.00/50 should hold the topside again today but a break higher could then target 303/303.50. Exit longs & try shorts in expectation of a high for the day but with stops above 304.50 for a test of 305.60/306.20.