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Recovery Fails To Circumvent............>

CABLE TECHS
CABLE TECHS: Recovery Fails To Circumvent $1.3490-$1.3500 Resistance
*RES 4: $1.3570 May 17 high
*RES 3: $1.3557 2 week bear channel top projection
*RES 2: $1.3528 May 18 high, 76.4% of $1.3570-$1.3391
*RES 1: $1.3490/00 Hourly congestion area May 17-18
*PRICE: $1.3431 @1525GMT
*SUP 1: $1.3412/15 Intraday low, hourly support
*SUP 2: $1.3386/91 61.8% Fibo of $1.2774-$1.4377, May 21 low
*SUP 3: $1.3375/77 1% vol band, 1.618 swing of $1.3451-$1.3570
*SUP 4: $1.3346 76.4% Fibo of $1.3027-$1.4377
*COMMENTARY* After a couple of weeks of waiting, on Monday we finally got the
test to the top of the next region of support between $1.3386-$1.3375. If there
was to be a case for an intermediate base, then $1.3386-$1.3346 fitted the bill.
The subsequent recovery is encouraging but will need to sustain a break through
$1.3490-$1.3500 next, with $1.3528 considered key higher. As a result, nearest
support of note moves to $1.3415-$1.3412.

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