As short-term price action continues to favor cable longs, a move to the upside will most likely be capped by the offers around 1.7700, with a further move to the upside being capped by the 1.8000 handle. Indicators signal trending conditions with ADX (DMI) rising to 29.83. Stochastic is approaching the oversold level on the daily chart at 19.81 while on the (4HR) dealer chart, Stochastic is in oversold territory at 17.68. RSI has crossed below the oversold level to 24.90 on the daily chart and is treading below the oversold line at 29.11 on the 4-hour chart. MACD is pointing downward below the zero line on the daily chart and is pointing upward below the zero line on the (4HR) chart.
|1.7764||Intermediate||Oct 7 daily spike low|
|1.7710||Minor||Sep 7, 2004 daily spike low|
|1.7482||Minor||May 14, 2004 daily low|
|1.7358||Intermediate||Dec 15, 2003 daily spike low|
|1.7194||Major||Dec 5, 2003 daily spike low|