This week’s decline deepened yesterday. A new 31 year low was posted as CABLE continued to track the lower end of a falling Keltner channel. But the lows, beneath 1.2700, were not maintained as profit taking set in at oversold extremes . That bounce was not strong enough to test Tuesday’s Marabuzo line but although this , and Asian selling, concerns our studies are assessed as positive.
Setbacks near yesterday's low should find buyers with upside potential to 1.2747 and 1.2772. Only below 1.2657 is negative.