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Sep 02

TECHNICAL ANALYSIS BY NSFX 02.09.2013

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The price pattern that crude oil is developing is a “fake out breakout”. The climax candle with a long shadow and short body is also a reversal candle.  Crude oil gapped down and now is trading  below the 21SMA that is working as a resistance.  102.25 is the next significant support. The Parabolic SAR still bullish even from the peak price has dropped 7$. Only above the price spike buyers might change the current market sentiment.

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