Against a background of bearish signals for sentiment for this week,
Monday’s minor profit taking was overturned by renewed investor selling.
This took CABLE to lower levels for a 6th day in succession, supported
by bearish momentum. Asia has continued the negative bias and although
intraday signals for sentiment are approaching oversold extremes, we
look for rallies to be limited and temporary. In view of this our call
is Bearish below 1.5805. Confirmation will be a move through 1.5741, the
overnight low, with subsequent downside targeting 1.5705 then 1.5671.
The risk to this call is that selling pressure stalls although a fresh outright Buy signal would only be generated by a move through 1.5805, the overnight high. Prices and sentiment should then improve to 1.5824, half of Tuesday’s net decline, then towards that day’s 1.5871 peak.
The risk to this call is that selling pressure stalls although a fresh outright Buy signal would only be generated by a move through 1.5805, the overnight high. Prices and sentiment should then improve to 1.5824, half of Tuesday’s net decline, then towards that day’s 1.5871 peak.
Markets sentiments stabilized a bit over night on talks that Italy, after having a poor bill auctions yesterday, was soliciting China for buying the country's debts. It's reported that Finance...
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