Trading was subdued in Cable Wednesday. This confirmed our indecisive
call with all trading confined tightly within Tuesday’s price range.
This ‘Inside Day’ highlights continuing uncertainty and in fact the
weakness of the net decline has been emphasised by a return of investor
demand in Asia.
The upside has not been strong enough to break out of Tuesday’s parameters but intraday signals for sentiment are now mildly bullish. Current volatility adds an extra note of caution and so our call is Cautiously Bullish and on setbacks above 1.5575. The immediate objective is 1.5656 with a move beyond that point targeting 1.5706, Tuesday’s peak, or even 1.5748, the high from Sep 21st.
Selling through 1.5575, today’s Asian open, is the risk to this call as it signals that buying pressure is weaker than currently assessed. The market should then decline to 1.5543, the overnight low, then 1.5482, this week's open.
The upside has not been strong enough to break out of Tuesday’s parameters but intraday signals for sentiment are now mildly bullish. Current volatility adds an extra note of caution and so our call is Cautiously Bullish and on setbacks above 1.5575. The immediate objective is 1.5656 with a move beyond that point targeting 1.5706, Tuesday’s peak, or even 1.5748, the high from Sep 21st.
Selling through 1.5575, today’s Asian open, is the risk to this call as it signals that buying pressure is weaker than currently assessed. The market should then decline to 1.5543, the overnight low, then 1.5482, this week's open.
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