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Softer Tone *RES 4: 1.2516 High May 4...>

CABLE TECHS
CABLE TECHS: Softer Tone
*RES 4: 1.2516 High May 4
*RES 3: 1.2467 High May 20 and key resistance
*RES 2: 1.2340 High May 13
*RES 1: 1.2282/96 20-day EMA / High May 19
*PRICE: 1.2223 @ 05:35 BST May 26
*SUP 1: 1.2162 Low May 22
*SUP 2: 1.2076 Low May 18 and bear trigger
*SUP 3: 1.2030 50% retracement of the Mar 20 - Apr 14 rally
*SUP 4: 1.2000 Round number support
The Cable outlook is unchanged. It remains bearish and recent gains have likely
been a correction. A bearish theme follows the recent break of support at
1.2166, Apr 7 low. This confirmed a range breakout and signals scope for a
deeper decline towards 1.2030 next, and the psychological 1.2000 level. A break
of 1.2000 would open 1.1884, 61.8% of the Mar 20 - Apr 14 rally. 1.2282/96 marks
the key intraday resistance, the 20-day EMA and May 19 high.

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