First post here, so please forgive any inconsistencies...
Cable seems to have broken out of the 4h uptrend channel during the beginning of the month. Its been in a pretty tight downtrend channel since April 18th. The last few days have brought a few unsucessful tests of channel resistance so the current downtrend seems to be holding firm for the time being. That being said, just from looking at the charts, I see a small support level below 1.9890 at 1.9864 and and much stronger support at just below the 1.9840 level given by the channel's current low (1.9842), the D1 23.6% fib (~1.9834), and the H4 61.7% fib (~1.9832). Channel support is not much further below that (~1.923). A possible turning point around the 1.9830's??? Anyone care to comment?
Cable seems to have broken out of the 4h uptrend channel during the beginning of the month. Its been in a pretty tight downtrend channel since April 18th. The last few days have brought a few unsucessful tests of channel resistance so the current downtrend seems to be holding firm for the time being. That being said, just from looking at the charts, I see a small support level below 1.9890 at 1.9864 and and much stronger support at just below the 1.9840 level given by the channel's current low (1.9842), the D1 23.6% fib (~1.9834), and the H4 61.7% fib (~1.9832). Channel support is not much further below that (~1.923). A possible turning point around the 1.9830's??? Anyone care to comment?