A 3rd up week in succession was posted in CABLE last week although the scope of the upside was significantly less than the preceding week.
That was due to profit taking attempts above the psychological level of 1.7000, at the highest levels traded since Oct 2008 and with signals for sentiment at overbought extremes.
But although the week ended with a modest setback, which has potential to deepen in the immediate term, the outlook for this week is dominated by the underlying positive tone that is reflected by rising Keltner channels on both weekly and daily charts and by the support of the 13 day moving average.
So, we look for the upside to extend with a break of last week's high exposing sentiment towards 1.7132.
