The significant of the upside failure at the 200/13 day moving averages was emphasised yesterday. Wed’s consolidation was sharply overcome in late trading with another acceleration of the downside that took CABLE to the lowest levels since February.
Naturally intraday signals are left at oversold extremes but with sentiment clearly negative we look for any profit taking to be temporary (although exact risk levels are difficult to determine) with potential to 1.6286 and 1.6252, this year's low point.
