Richard Perry
Independent Analyst
The consolidation drift shows little sign of abating yet, but the top of the support band $1.7000/$1.7060 which I believe is going to be a good "buy-zone" continues to be bought into. There have now been three dips below $1.7060 in the past five days and each time the buyers have returned. The momentum indicators have used this slight drift lower to unwind any overbought momentum and are now approaching levels that would be considered to be good buying opportunities once more, with the RSI around 53. The intraday hourly chart may perhaps hold a clue for resumed upside. The falling 55 hour moving average (now $1.7080) has been the basis of resistance over the past three days and if Cable starts to trade above it , it would suggest that the near term corrective downside pressure is beginning to abate. The old support around $1.7100 also capped the rally from yesterday so would also be seen as a ceiling. A break back above would re-open $1.7150 and then the high again at $1.7191. There is minor support at $1.7034.
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