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CABLE TECHS: Cable has been trading sideways since peaking at 1.3013 on Oct 21.
This follows a sharp rally between Oct 10 - Oct 21. In technical analysis, steep
trends are unsustainable and need a correction to see prices return to more
"rational" chart points before a trend can resume. In Cable, the correction has
thus far not resulted in a pullback but instead as a broad consolidation.
- This suggests sentiment is bullish as there is a clear lack of interest to
drive prices down and is important, as an uptrend has been in place since Sep 3.
- Momentum is interesting too. The 14-day RSI was overbought at the 1.3013 peak
and is unwinding as price consolidates. This indicates that while we may see a
break lower, that break is more likely to be shallow and short lived.
- Considering patterns, the consolidation appears to be a bull flag, a
continuation pattern suggesting an eventual break to the upside is likely.
- So, to conclude, the consolidation in Cable reinforces the view the trend is
up. Bulls need to remain patient though and wait for signs the correction is
over and a bullish impulse has returned.