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Oil failed to resume trading above 118 levels which resumed it to neutral sideways move; the short-term is now a sideways move affected by 111.75 and as well the 100 MA for 4-Hours basis at 117.45; nevertheless we expect the wave to have an upside bias over the short term while over the medium term the trend remains to the downside within the wave that started 11-07-2008 still targeting 109.50.
The trading range for today is expected among the key resistance level at 120.05 and the key support level at 109.50.
The general trend is to the upside as long as 100.00 remains intact, targets now are at 150.00 and 153.65.
Support | 114.10 | 113.15 | 112.55 | 111.75 | 109.50 |
Resistance | 115.30 | 116.55 | 118.00 | 118.90 | 120.05 |
Recommendation | ... |
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Current Environment Sterling posted a strong 4.8% weekly gain against the USD and closed slightly below a resistance line dating back to late Sep 2008. Like the euro, cable...
In this PDF you will find the latest technical analysis published by Avantage Financial
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