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False channel breakout: *RES 3:.........>

CABLE TECHS
CABLE TECHS: False channel breakout:
*RES 3: 1.2399 High Jul 29
*RES 2: 1.2362/82 50-dma / Low Jul 17
*RES 1: 1.2260/2310 Bull channel resistance / High Aug 27
*PRICE: 1.2204 @ 16:20 GMT Aug 29
*SUP 1: 1.2157 Low Aug 28
*SUP 2: 1.2080 10-dma 1% envelope
*SUP 3: 1.2065 Low Aug 20 and key near term support
The pair confirmed the recent move higher was a false channel breakout,
retreating further to trade either side of 1.22. The break above bull channel
resistance at 1.2283 on Tuesday, drawn from the May 6 high, will need to be
sustained in order to add any impetus to the upside argument. Furthermore, the
bearish close Wednesday highlights a waning of upside momentum. A break above
Tuesday's 1.2310 high is required reinstate a bullish theme. Sub 1.2157 would
signal scope for further weakness within the bear channel.

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