Recovery Continues After Challenge To...>

CABLE TECHS: Recovery Continues After Challenge To Bear Channel Base

*RES 4: $1.3293 Jul 16 high, 7 week bear channel top

*RES 3: $1.3269/72 Jul 17 high, 1% volatility band

*RES 2: $1.3214/17 76.4% Fibo of $1.3293-$1.2958, Jul 16 low

*RES 1: $1.3165/75 61.8% of $1.3293-$1.2958, hourly resistance

*PRICE: $1.3150 @0757GMT

*SUP 1: $1.3071/95 Jul 24 low, hourly support

*SUP 2: $1.3037 Initial recovery high Jul 20, now support

*SUP 3: $1.2995 Jul 20 low

*SUP 4: $1.2955/58 7 week bear channel base, Jul 19 low

*COMMENTARY* Last week saw the base of the now 7 week bear channel come under

pressure, a slight dip below, before rallying strongly on Friday. The recovery

aims to test resistance from $1.3165, a sustained move higher and the

$1.3214-$1.3217 area comes back into view. As a consequence, support moves up

accordingly, $1.3095 and then Tuesday's $1.3071 low.  A loss of the latter would

concern again, $1.3037-$1.2995 then waiting below.