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22 Mar 2013
Forex Flash: Brent Crude technically bullish - Nomura
FXstreet.com (Barcelona) - Nomura strategist Saeed Amen has taken a look at Brent Crude from a purely technical perspective.
Looking at his daily chart he notes that spot is down on the week but he is holding his bullish outlook. He notes thta spot failed to break down through the 200D SMA, which suggests it is acting as a downward support. He writes, “The RSI is also flattening out, suggesting it is close to a short-term low. With bandwidth falling a range-bound move back higher looks more likely than a downward breakout. Our target is 109.60 (20D SMA).”
Looking at his daily chart he notes that spot is down on the week but he is holding his bullish outlook. He notes thta spot failed to break down through the 200D SMA, which suggests it is acting as a downward support. He writes, “The RSI is also flattening out, suggesting it is close to a short-term low. With bandwidth falling a range-bound move back higher looks more likely than a downward breakout. Our target is 109.60 (20D SMA).”