Initial powerful losses in Cable Tuesday extended the two preceding
day’s decline but these losses were entirely reversed by the close. But
the bounce was able to only reverse half of Monday’s net downside and
some selling has returned in Asia. It is the downside rejection,
however, that is assessed as the key feature. Therefore our call is
Bullish above 1.5400.
The immediate objective is 1.5474 with a move beyond that point targeting 1.5497, yesterday's peak, or even towards this week's open of 1.5550.
Selling through 1.5400 is the risk to this call as it signals that selling pressure is greater than currently assessed. The market should then decline to 1.5372, then yesterday's base of 1.5341.
The immediate objective is 1.5474 with a move beyond that point targeting 1.5497, yesterday's peak, or even towards this week's open of 1.5550.
Selling through 1.5400 is the risk to this call as it signals that selling pressure is greater than currently assessed. The market should then decline to 1.5372, then yesterday's base of 1.5341.
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