/ 

Aug 13

TECHNICAL ANALYSIS BY NSFX 13.08.2013

By:

High:  Low: 

Crude oil is trading above both 21 SMA and 55 EMA on the 4 hours  time frame chart.  A strong breakout  above 106.50 can drive price to test the ceiling of the range at 108.62.  114.72 should be the first test in case a bullish trading environment will bring buyers into the market.  If the market conditions should deteriorate 104.30 area and then the static support at 102.64 are key levels.   The trendline that starts the 18th of April  remains  the threshold between bulls and bears.

R3
R2
R1
S1
S2
S3