21-DMA Capping Upside Near-term gains...>

CABLE TECHS: 21-DMA Capping Upside

Near-term gains have run into resistance at the 21-dma, currently intervening at

the 1.3172 level, preventing a retest of the upper boundary of the major

descending channel. Intraday indicators are also turned lower again consistent

with the rebound running out of steam. Focus is now likely to return to the

lower end of the range with a test of Friday's 1.3082 low back on the cards.

Below here the July low of 1.2957 comes into play. A break of 1.3215 is needed

to turn the near-term picture positive.