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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.