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Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Mar 29 12 03:03 ET

Price settles again around key sensitive levels, where it's trading above 104.75 level however below the 20, 50,100 exponential moving averages. In general, trading at the current levels keeps the bullish technical pattern valid; however, it weakened as a result of trading below the averages. Thus, we prefer staying aside today for further confirmations.

The trading range for the day is among the major support at 102.80 and the major resistance at 108.85.

The short-terd trend is to the upside with steady daily closing above 99.60, targeting 116.50.

Support: 104.75, 104.40, 103.90, 103.35, 102.80
Resistance: 105.25, 105.90, 106.45, 107.00, 107.60

Recommendation Based on the charts and explanations above we recommend staying aside awaiting more confirmation.


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