Free Trial

Bounce Unsustained *RES 3: 1.2416.......>

CABLE TECHS
CABLE TECHS: Bounce Unsustained
*RES 3: 1.2416 100-day MA
*RES 2: 1.2413 High Oct 3
*RES 1: 1.2357 High Oct 4
*PRICE: 1.2256 @ 08:33 GMT Oct 9
*SUP 1: 1.2195 Low Oct 8
*SUP 2: 1.2172 1.0% 10-dma envelope
*SUP 3: 1.2106 76.4% Sep 3 - Sep 20 rise
After making light work of the 50-dma support on Tuesday, the pair was again
unable to sustain the bounce higher Wednesday, returning focus to lower levels.
This further threatens the modestly positive outlook with the 1.2197 Fibonacci
retracement under pressure too. An extension lower would open the 10-dma
envelope support at 1.2172 and the low 1.2100's. For bulls to regain control,
upside targets have shifted to 1.2357 and 1.2413 and need to be cleared to
expose 1.2582.

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.