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FX.co ★ CRUDE OIL "Double Bottom" May 13, 2011 (Daily Strategy)

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Forex Analysis:::2011-05-13T12:32:13

CRUDE OIL "Double Bottom" May 13, 2011 (Daily Strategy)

CRUDE OIL "Double Bottom" May 13, 2011 (Daily Strategy)

CRUDE OIL

In the four-hour chart, we can see two figures bullish signal, a "Double Bottom" and the other "Bullish Pennant", a buy at the present price creates an excellent opportunity where the potential for a large price increase is as high as the size of the previous price drops. The closer resistance level at 108.00 can be used as a key point for a partial realization.

The resistance level of 114.70 that halted the pair previously can be used as a final target price for the realization of a long position on the pair.

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