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Publish Date28/12/2012 11:16:25 AM
Oil backs-off slightly after testing the ceiling of the ascending channel, just below the long term 200-days SMA, thus, we will try to benefit for a potential pullback affected by the aforementioned key technical barriers, supported by the overbought RSI, accordingly, we expect for a downside pullback for the rest of the day.
The trading range for today is expected among the key support at 89.20 and the key resistance at 93.00.
The short-term trend is to the upside targeting 104.65 then 110.55 as far as week`s session closes above 78.00.
|Recommendation||Based on the charts and explanations above, we recommend selling oil below 91.50 targeting 90.50,90.00 and 89.20. Stop loss above 92.30|
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