HomeContributorsTechnical AnalysisCable Probes Above 1.2671 Barrier, Overall Bulls Could Be Delayed By Overbought...

Cable Probes Above 1.2671 Barrier, Overall Bulls Could Be Delayed By Overbought Conditions

Cable is attacking key barrier at 1.2671 after strong two-day rally fully retraced 1.2671/1.2409 pullback.

Strong bullish setup of daily technical studies supports further upside, with bullish and long-tailed monthly candle of January underpinning.

Firm break above 1.2671 pivot would open breakpoint at 1.2772 (06 Dec 2016 high and top of broader 1.2772/1.2000 consolidation cycle) for stronger reversal signal.

Meantime, corrective easing could be anticipated on overbought slow stochastic.

Rising daily 10SMA continues to track the uptrend and offers good support at 1.2555, where potential dips should be ideally contained to keep intact lower breakpoint at 1.2409 (Fibo 38.2% of 1.1986/1.2671 ascend/55/100SMA bull-cross).

Interim support lies at 1.2615 (Fibo 23.6% of 1.2411/1.2678 upleg/hourly trough).

Res: 1.2726, 1.2772, 1.2795, 1.2864
Sup: 1.2645, 1.2615, 1.2555, 1.2541

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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