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CABLE TECHS: Recovery Meets Resistance From The 76.4% Fibo Retrace Level
*RES 4: $1.3293/98 Jul 16 high, 7 week bear channel top
*RES 3: $1.3269/72 Jul 17 high, equality rise from $1.3071
*RES 2: $1.3214/17 76.4% Fibo of $1.3293-$1.2958, Jul 16 low
*RES 1: $1.3195 Hourly resistance
*PRICE: $1.3146 @1538GMT
*SUP 1: $1.3124/26 Hourly support
*SUP 2: $1.3105/15 Hourly congestion Jul 23-24
*SUP 3: $1.3071 Jul 24 low
*SUP 4: $1.3013 1% volatility band
*COMMENTARY* Last week saw the base of the now 7 week bear channel come under
pressure, before rallying strongly on Friday. The recovery has now moved through
$1.3165, which sees the $1.3214-$1.3217 area come back into view. As a
consequence, support moves up $1.3150-$1.3133. Loss would disappoint now and
open up deeper $1.3126-$1.3105 corrective potential. Resistance from $1.3195,
above needed to reintroduce upside interest.