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Aug 06

TECHNICAL ANALYSIS BY NSFX 06.08.2013

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The 4 hours timeframe offers a very interesting interpretation of the market activity in the main US gauge.  1700 area was acting as resistance but now is a valid support.  Aggressive buyers will trust the 21 period simple moving average as a dynamic support in area 1705. Just a confirmed breakout on the upside in area 1710-1713 will attract further buyers.  Likely to see selling pression in area 1709-1710 and below 1700. Below 1695 can be considered a selling area where short term seller likely they have a target price at 1675.

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