Richard Perry
Independent Analyst
Despite the odd intraday spike through resistance levels, Cable continues to trade sideways without any direction with the outlook increasingly neutral. The low/high range of the band can now be seen between $1.5450/$1.5690 and with momentum indicators almost entirely neutrally configured it is difficult to pick any real direction near term. It is times like these where there are plenty of false signals to be careful of and waiting for a confirmed move is vital before taking a view. Perhaps though there are opportunities to use the hourly chart for signals though, with the Fibonacci retracements once more acting as interesting near term pivot levels. Especially 50% Fibonacci retracement of $1.5188/$1.5928 at $1.5558 seems to be an important level very near term. Perhaps also watch the hourly RSI which is ranging between 30/70 and can be used to play the range.
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