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Cable Technical Analysis

Posted by Joseph Trevisani on Apr 1, 2013 1:18:00 PM

Focus Remains On June 1, 2012 Low At 1.5269

Resistance 4: 1.5408-55 day moving average
Resistance 3: 1.5342 January 2012 support line weekly chart
Resistance 2: 1.5321/28/33 High February 22, Low 22/23 September 2011
Resistance 1: 1.5257/69 High March 25, June 1 2012 low

LATEST PRICE: 1.5234

Support 1: 1.5178/83 Low March 29, 5-day moving average
Support 2: 1.5092 21-day moving average
Support 3: 1.5027 Low March 20
Support 4: 1.4986/87, High March 13, Low March 1

Commentary: Focus is on June 1, 2012 low at 1.5269 and decisive break above
here is seen extending upside recovery. Resistance above here is at 1.5321/28/33 area, where former is the high on February 22 and latter the lows seen on 22/23 Sept 2011. The daily stochatic remains bearishly crossed and still unconvinced, but 10-day momentum study is ticking higher.

MNI & WWM

 

Chart: Bloomberg

ScreenHunter 877 Apr. 01 13.56 resized 600

 

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