Fri, May 16 2008, 12:28 GMT
by Tatsuya Kawanishi
The Cable daily chart has shown a downward movement of 1,000 pips within last 2 months from 2.0400 to 1.9361. As you see, the cable has been supported roughly 4 times by the support area around the 1.9350 level. This support area seems a pretty reliable and a good entry level. 50 and 200 SMAs keep moving down though. Macd hidden diovergence is confirmed. CCI is getting away from the oversold conditon area and moving upwards to the center line. If we see further upward momentum, 1.9600 and 1.9800 would be good targets. On the other way around, a break of the support area would suggest further downward movement.
Published on Fri, May 16 2008, 12:32 GMT
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