Free Trial

False channel breakout: *RES 4:.........>

CABLE TECHS
CABLE TECHS: False channel breakout:
*RES 4: 1.2418 Low Jul 23
*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: 1.2191 @ 08:20 GMT Aug 29
*SUP 1: 1.2157 Low Aug 28
*SUP 2: 1.2068 10-dma 1% envelope
*SUP 3: 1.2065 Low Aug 20 and key near term support
*SUP 4: 1.2015 Low Aug12 and bear trigger
Bulls were once again betrayed by technical signals Wednesday, as negative
Brexit news spooked traders. The break above bull channel resistance at 1.2283
on Tuesday, drawn from the May 6 high, appears to be a false break. Furthermore,
yesterday's bearish close 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.

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.