Richard Perry
Independent Analyst
With a selling sequence that has left a lower key high at $1.5700 and a breakdown of the low at $1.5445, the downside momentum on Cable continues to progress. The technical studies are backing this too, with the RSI, MACD lines and Stochastics all in corrective configuration. However there are signs perhaps of a near term technical rally within the decline. A bounce from yesterday’s low at $1.5300 has continued into today. However, looking at the intraday hourly chart, the rebound has yet to do anything to suggest that the sellers are not still in control. The overhead resistance at $1.5437 (interestingly just below the latest key breakdown of $1.5445) is the initial level that needs to be breached for there to be any realistic prospect of a near term recovery. The hourly momentum indicators remain bearishly configured and suggest that rallies are still a chance to sell for a retest of the $1.5300 low. There is further support around $1.5160 and $1.5088.
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