In line with yesterday's bearish call, selling pressure dominated Tuesday’s early price action. All of our negative targets were met as CABLE fell more than a big figure to reach 3 week lows. The lows were not entirely maintained as profit taking developed at oversold extremes but the market remains comfortably below the key 13 day mvg avg despite gains in Asia. Nonetheless immediate signals for sentiment are mixed and recognising these factors we are square from the open but look to Sell below 1.2956 (Stop 1.3000, intraday Marabuzo line) or 1.3042 Rally, Tuesday’s open (Stop 1.3083). Targets below 1.2956 are 1.2921, the open from 3 weeks ago, and 1.2897, Sep 10th low.
Closes 4pm London time