The CABLE not only confirmed a drop toward the 200 hours line but it even fell to last week’s low at 1,5869 where it found some support for now. In yesterday’s session it formed a negative outside day with now 1,6105 – 1,5870 the levels to follow in the coming hours. A break of the support confirmed by a daily closing will favour a drop toward the 1,57 area!
The indicators of the daily chart are still positive but now just at the line while those of the s/t ones plunged below the line. In the hourly chart the drop formed again bullish divergences reversing Friday’s change of the tone.
The CABLE is also interior a descending triangle but only an hourly closing below 1,5869 will confirm lower levels. The first target based on the hourly chart is already found at 1,5844!!
We remain on the sideline waiting for confirmations.
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