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CABLE TECHS: Cracks Triangle Resistance
*RES 4: 1.3281/84 61.8% of the Dec 13 - Dec 23 decline / Dec 31 high
*RES 3: 1.3212 High Jan 7
*RES 2: 1.3210 50% of the Dec 13 - Dec 23 decline
*RES 1: 1.3196 Intraday high
*PRICE: 1.3117 @ 16:48 GMT Jan 31
*SUP 1: 1.2955 Low Jan 14
*SUP 2: 1.2947 Trendline support drawn off the Sep 3 low
*SUP 3: 1.2905 Low Dec 23
*SUP 4: 1.2824 Low Nov 22
The rate spilled above triangle resistance at 1.3142, leaving a firm imprint in
prices which ran all the way up to multi-week highs of 1.3196. The rally
extended to top the Jan 24 high at 1.3173, which switches the outlook to
bullish. The end-week rally opens an extended recovery toward firstly the Jan 7
high at 1.3212 and Fib resistance at 1.3281. Any turn lower needs to break
1.3110 to reinstate the downside argument.