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Sep 04

TECHNICAL ANALYSIS BY NSFX 04.09.2013

By:admin

High:  Low: 

After the sell-off from the highs in early August, the index has corrected lower and tested trend support projected from November 2012, but managing to stay above. Currently, the pair is flirting with the 100-day SMA and lacking clear direction. With current trend support at 1630 - a break below would open up for a test of 1620 and from there, the downside would really open up, targeting the 200-day SMA at 1570. Should we stay above trend support, the 50-day SMA at 1665 should provide a decent resistance.

R3
R2
R1
S1
S2
S3