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Jul 05

TECHNICAL ANALYSIS BY NSFX 05.07.2015

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The commodity broke its 3 month trading range on the downside  and found support on the 38.2% Fibonacci retracement of the trend that started last March and finished when the commodity started its trading range on April. If the bearish environment should continue Crude Oil might test 53.4 and then 51.28, the 61.8% Fibonacci retracement.  In case risk appetite will increase a pullback at 56.5  would be the nearest resistance. Above this level Crude Oil might test 59.8 and then 62.12, the 2015 top.

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