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Aug 06

TECHNICAL ANALYSIS BY NSFX 06.08.2013

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Only 130 points distance from the top, the bull market on the main German index still valid. Buyers will concentrate on both pullbacks and breakouts. In the first case area 8300 where the 21 days SMA works as a valid support. In case of breakout institutional investors usually buy on a confirmed breakout of a three days top, just above 8470. Futher buyers will join the rally if the double top in area 8550 will be broken on the upside.  8530 will act as for sellers as well as an area to try to profit in anticipation of a short term correction. Just below the gap at 8340 is expected further sellers participation. Unlikely to be reached in a short time frame but below 8100 sellers will start to believe in a intermediate market correction.

R3
R2
R1
S1
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S3