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11 Mar 2013
Forex Flash: Technically speaking, Brent Crude looks bullish ahead - Nomura
Nomura Strategist Saeed Amen has taken a look at brent Crude from a purely technical perspective and believe it looks bullish ahead.
Looking at his daily chart, Amen notes that spot is down on the week but he is flipping to a bullish view. He notes that RSI has reached levels where historically spot has tended to bounce from. Further he writes, “Bandwidth expansion is slowing, which suggests the downward breakout is nearing an end. Hence, we think a retracement higher is most likely.” His target is 112.30 where the 55D SMA lies to the upside.
Looking at his daily chart, Amen notes that spot is down on the week but he is flipping to a bullish view. He notes that RSI has reached levels where historically spot has tended to bounce from. Further he writes, “Bandwidth expansion is slowing, which suggests the downward breakout is nearing an end. Hence, we think a retracement higher is most likely.” His target is 112.30 where the 55D SMA lies to the upside.