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By: Crown Forex - 24-09-2008
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Starting Crude futures contracts for November delivery
After crude recorded some gains yesterday it resumed lower to reach almost 103.95 levels after it failed to breach the sideways resistance level on intraday basis which forced crude out of its upside channel; we can notice that there is a chance that if the current support manages to remain steady will support crude to rise once more towards 108.40 a barrel. Trading above 104.75 will support a clear upside wave while trading below that levels opens the way towards 38.2% Fibonacci level at 102.85 at least. Momentum and direction indicators are neutral and ADX reflects a weak downside heading. Sideways trading is to prevail in the morning session with some downside potential while later in late session we should keep a watch for 108.40 and 104.75 as they will be determining for the direction.
The trading range for today is expected among the key resistance level at 111.05 and the key support level at 100.80
The general trend is to the upside as long as 100.00 remains intact, targets now are at 150.00 and 153.65.Support 105.25 104.20 102.85 100.80 99.50 Resistance 107.10 108.40 109.40 110.70 111.05 Recommendation ...
Next Analysis: Precious MetalsContent Provided by:
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CROWN FOREX SA, located at St-Hubert 38, 2854 Bassecourt, P.o.box 247, Switzerland, is fully regulated as a financial intermediary under Swiss federal law on the prevention of money laundering (LBA, MLA). Our company is also affiliated with the ARIF association, thus overseen by the Swiss federal de
DISCLAIMER:
The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver &energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk
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