Free Trial

$1.3980-$1.3950 Support As Overbought...>

CABLE TECHS
CABLE TECHS: $1.3980-$1.3950 Support As Overbought Conditions Kick In
*RES 4: $1.4133/45 1.618 swing $1.4089-$1.4018, Feb 16 high
*RES 3: $1.4104 61.8% Fibo of $1.4346-$1.3712
*RES 2: $1.4089 Mar 19 high
*RES 1: $1.4055/67 Hourly resistance, intraday high
*PRICE: $1.3992 @1645GMT
*SUP 1: $1.3980 Hourly support
*SUP 2: $1.3950 Initial rally high Mar 16, now support
*SUP 3: $1.3913 Mar 19 low
*SUP 4: $1.3890 Mar 16 low
*COMMENTARY* Finally got the break above $1.3997-$1.4000 on Monday. This
followed by a further move through the next bands of resistance from between
$1.4029-$1.4070. A high of $1.4089 so far, just shy of the 61.8% Fibo retrace
level at $1.4104. Monday's rise created some near term overbought levels, so
with the loss of $1.4015-$1.3996, support comes initially from $1.3980-$1.3950.
Ideally pullbacks are now held above the latter. Resistance $1.4055-$1.4067.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.