Recovery Reaches Edge Of Congested......>

CABLE TECHS: Recovery Reaches Edge Of Congested $1.3913-$1.3954 Area

*RES 4: $1.4021/29 1.618 swing $1.3930-$1.3712, 50% Fibo 

*RES 3: $1.3954 38.2% Fibo of $1.4346-$1.3712

*RES 2: $1.3926/30 6 week res line, Feb 26 low, Mar 6 high

*RES 1: $1.3913/18 Hourly resistance, Mar 12 high

*PRICE: $1.3895 @0825GMT

*SUP 1: $1.3841 Mar 12 low, hourly base Mar 9

*SUP 2: $1.3815 Initial recovery high Mar 8, now support

*SUP 3: $1.3782 Mar 8 low

*SUP 4: $1.3756/63 Mar 2 low, 76.4% Fibo of $1.3712-$1.3930

*COMMENTARY* $1.3928-$1.3930 resistance capped last week and subsequently bowed

to some pressure from overbought hourly conditions. This saw $1.3847-$1.3817

support give way, although the fall has remained above $1.3763-$1.3756. Loss of

the latter would concern and suggest scope for a deeper correction. Meanwhile,

with the move back above $1.3895, the congested $1.3913-$1.3954 area, now stands

in the way of a higher $1.4021-$1.4029 rise. Nearest support $1.3841-$1.3815.