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Nov 18

TECHNICAL ANALYSIS BY NSFX 18.11.2013

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Brent  now is trading between the 55EMA and the 220SMA daily, in case of a breakout of 108.5  the commodity should rise to 110.4 area to test the dynamic resistance. If price could rise above this level the price projection will be near the 2013 top at 117 $/barrel.  If the correction that started the 28th of August should continue its path with both lower highs a and lower lows crude oil will test 107.3 first  and if selling pressure should continue area 105.32 will be the next test. Intermediate target is the demand line that was generated  the 18th of April.

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