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May 18

TECHNICAL ANALYSIS BY NSFX 18.05.2014

By:

High:  Low: 

The index failed to rise above the double top and could not make a new historical high.  The gauge is trading between its 21SMA and 55EMA. This is a narrow range and if the retracement should continue is likely a test of the demand line that was generated last summer and below there is the 200SMA, now at 1790. Above 1900 is unchartered territory but price projections suggest a test in area 1950.

R3
R2
R1
S1
S2
S3