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Free AccessLower Again, Look To $1.3060-$1.3030....>
CABLE TECHS: Lower Again, Look To $1.3060-$1.3030 For Next Support
*RES 4: $1.3222 Oct 3 low, now resistance
*RES 3: $1.3205 Hourly recovery high Oct 5
*RES 2: $1.3174/75 Hourly low/high Oct 5
*RES 1: $1.3115/25 Hourly resistance
*PRICE: $1.3075 @0907GMT
*SUP 1: $1.3060 Hourly support, intraday low
*SUP 2: $1.3030/40 Jun 30 high, 2% volatility band
*SUP 3: $1.2979/83 Aug 29 high, 76.4% Fibo of $1.2774-$1.3659
*SUP 4: $1.2909/13 Sep 5, Sep 4 lows
*COMMENTARY* Lost ground on Thursday, leaving the 61.8% Fibo retrace level at
$1.3112 behind. Now testing hourly support at $1.3060 but looks to have become
oversold in the near term. As a result, look towards $1.3115-$1.3125 for initial
clues, as back above here the minimum needed before a better $1.3174-$1.3205
recovery can occur. Below $1.3060 and anticipate the $1.3040-$1.3030 area to
provide next support ahead of the 76.4% Fibo retrace level at $1.2983.
To read the full story
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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.