The CABLE plunged lower yesterday by testing the 1,5610 area and confirming a closing near the low. We may see further weakness toward 1,5550/1,5500 before a correction will kick in!
The indicators of the daily chart are well negative and also those of the s/t ones are below the line after hitting oversold conditions. Bullish divergences now even in the 4h chart support a negative tone.
In the s/t only an hourly closing above 1,5675 will postpone further weakness forming a double bottom in the hourly chart and supporting a rebound that will probably favour a 1,57 overshooting with the 200 hours line at 1,5836 the possible attraction.
The hourly chart is suggesting a possible rebound and for this reason we bought some CALBE at 1,5645 for at least a 1,57 overshooting!!
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FUTURE TREND RESEARCH