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Cable tips its hand for a downside break
Yesterday's close provides several clues which makes me suspect a downside break of 1.5464 is pending. The open to close (OC) range engulfed the previous OC range, produced a 10-day intraday low and closed at an 8 day low. The fact it also closed below the 50 and 200 eMA's suggests we are pending a downside break which would also confirm a Double Top formation. Additionally we now trade below the April '15 trendline to add further credence to a downside break. The Double Top confined Cable to a choppy 230 pip range and respected a 61.8% retracement level to suggest the corrective high has been seen. The potential ... (full story)
