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Technical Analysis For Energy Markets

23-07-2008 - Crown Forex  |   Futures Technical Reports
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The support level at 128.30 was breached clearly which set the medium-term trend to divert into a sideways wave from the upside headings to trade among the 23.6% correctional level at 133.30 and the 38.2% level at 124.20. The selling saturation did not stand in the way of prices to head to the upside and for that the tendencies have lead the sideways move as the oversold crude cancels the creation of a downside channel. Short-term indicators are now pointing lower for that we expect high volatility and we do not rule out the possibility of seeing 124 levels anytime though still caution is sought as the trading range is widening. We might witness upside corrections throughout trading yet trading is expected to remain below 133.30 for the day.  

The trading range for today is expected among the key resistance level at 133.30 and the key support level at 121.70.

The general trend is to the upside as long as 100.00 remains intact, targets now are at 150.00 and 153.65.

Support126.05125.80124.20123.40121.70
Resistance129.30128.30127.45131.75133.30
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Crown Forex
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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