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Aug 05

TECHNICAL ANALYSIS BY NSFX 05.08.2013

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UsOIL just off from 2013 high of 108.86, area that made a double top and if is not breached might be considered an intermediate entry point for short sellers. Confirmation of the double top would be  the breach of level 102.64 where conservative bearish traders will be in control. Further selling pressure might come if price will pass 101.40, area of 55 days EMA.  Only a strong breakout with accumulation above 108.86 could attract new buyers. If  price will not pass 102.64 then that level can be considered a support for a trading range between 102.64-108.773. Area 105,80 can be seen as an intraday dynamic support.

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