Cable Breaks Major Support 1.4400, Targets 1.4280/1.4240

Cable Breaks Major Support 1.4400, Targets 1.4280/1.4240

9 May 2016, 11:41
Roberto Jacobs
0
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Cable Breaks Major Support 1.4400, Targets 1.4280/1.4240

  • Major support - 1.4400 (trend line joining 1.44437 and 1.44229) 
  • Major resistance -1.4450 (support turned into resistance) 
  • Cable has broken major support 1.4400 and declined till 1.43780 at the time of writing. Intraday trend is weak as long as resistance 1.4450 holds. 
  • Any break below 1.4400 will drag the pair down till 1.4320/1.4280/1.4240 level.

It is good to sell on rallies around 1.4385-1.4390 with SL around 1.4450 for the TP of 1.4280/1.4240.

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