Bearish signals for CABLE in each of the last 2 days have been confirmed, investors selling the market yesterday for 6th down-day in a row. However, sentiment also recorded an “outside” day, where prices post both a higher daily high as well as lower daily low, a candle which reflects investor indecision. Trading remains below the 13 day average.
With signals maintaining a bearish bias, the outlook for Thursday is to sell on the open and at 1.7050, with a stop loss at 1.7065, yesterday’s opening trade.
Targets are to 1.7024, yesterday’s low, 1.7008, the 3 week base and 1.6952, the 4 week low trade.