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Nov 12

TECHNICAL ANALYSIS BY NSFX 12.11.2013

By:admin

High:  Low: 

The black gold is still under pressure, but has recovered around 1$/barrel from the lows from last week at 93.06. Weekly oscillators calls for more upside, but intra-day are beginning to enter overbought territory. We interpret this as a consolidation is needed before the instrument will make any further moves in the range from 93.80-95.90 today. On a 4h-chart, the 50-SMA (red line) has been broken to the upside, which could lead to bullish momentum in the short term.

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