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Heavy Following Range Breakout *RES.....>

CABLE TECHS
CABLE TECHS: Heavy Following Range Breakout
*RES 4: 1.2516 High May 4
*RES 3: 1.2467 High May 20 and key resistance
*RES 2: 1.2340 High May 13
*RES 1: 1.2242 High May 14
*PRICE: 1.2101 @ 05:35 BST May 18
*SUP 1: 1.2076 Intraday low
*SUP 2: 1.2030 50% retracement of the Mar 20 - Apr 14 rally
*SUP 3: 1.2000 Round number support
*SUP 4: 1.1884 61.8% retracement of the Mar 20 - Apr 14 rally
Cable ended last week on a softer note following the break of support at 1.2166,
Apr 7 low. The pair remains weak. The breach of 1.2166 confirmed a range
breakout reinforcing the current bearish theme and signals scope for a deeper
decline. Attention is on 1.2030 next, and the psychological 1.2000 level. A
break below 1.2000 would open 1.1884, the 61.8% retracement of the Mar 20 - Apr
14 rally. On the upside, resistance resides at 1.2242.

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