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Oct 22

TECHNICAL ANALYSIS BY NSFX 22.10.2013

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Crude oil now is trading below psychological level 100 and is very close to its 200SMA. If price should fell below this support  area, 97.76 would be the first test and below this level  the commodity could dive to 91.36 because many stop losses would be triggered. In case buyers will try to get in control of the commodity 102 first and then 103.3 $/barrel would be a good test to assess the quality of the rally.

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