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Bounce Likely A Correction *RES 4:......>

CABLE TECHS: Bounce Likely A Correction
*RES 4: 1.2516 High May 4
*RES 3: 1.2467 High May 20 and key resistance
*RES 2: 1.2340 High May 13
*RES 1: 1.2327 20-day EMA
*PRICE: 1.2260 @ 18:18 BST May 19
*SUP 1: 1.2184 Low May 19
*SUP 2: 1.2076 Low May 18
*SUP 3: 1.2030 50% retracement of the Mar 20 - Apr 14 rally
*SUP 4: 1.2000 Round number support
Cable last week cleared support at 1.2166, Apr 7 low and maintains a bearish
theme. This is also despite the current recovery that for now is considered a
correction. The breach of 1.2166 confirmed a range breakout and signals scope
for a deeper decline towards 1.2030 next, and the psychological 1.2000 level. A
break of 1.2000 would open 1.1884, the 61.8% retracement of the Mar 20 - Apr 14
rally. 1.2327 is the next resistance, the 20-day EMA.

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