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Technical Analysis For Energy Markets
By: Crown Forex - 22-07-2008
0votes
Trading is above yet close to major support levels for the upside channel and momentum indicators are almost deflating their buying saturation and are entering selling saturation on some time intervals. The daily MACD provided the first negative indication other than that short-term indicators are supporting the positive scenario. Even as crude is pressured by selling to support the downside yet 128.30 support which resides within the major medium-term support for the upside will determine whether the downside is to prevail or end and we expect that this level or any trading above it will be the starting point for a new upside wave. Due to the mixed signals from technical indicators we expect to see high levels of volatility ahead of determining the upcoming wave. We find the support and resistance levels have not changed due to the sideways that was indulged yesterday did not much affect the direction yet did so affect momentum indicators to deflate some of the buying saturation.
The trading range for today is expected among the key resistance level at 139.90 and the key support level at 123.70.
The general trend is to the upside as long as 100.00 remains intact, targets now are at 150.00 and 153.65.
Support 129.30 128.30 127.45 126.05 123.70 Resistance 131.75 133.67 135.45 138.15 139.90 Recommendation ...
Next Analysis: Gold and SilverContent Provided by:
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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