More PIA-first, 13 hours ago14 December 2011 This week's Cable selling pressure intensified Tuesday with a third negative day from the last four. This move to 3 week lows also took prices to oversold extremes and although Asian price action has not provided strong signals there are indications of developing profit taking.
In view of this our call is Cautiously, Temporarily Bullish above 1.5423. The immediate objective is 1.5507 with a move beyond that point targeting 1.5531, half of yesterday's net decline, or even 1.5549.
The risk to this call is that the improvement was more temporary and limited than currently assessed and this would be signalled by a move below 1.5423, November’s low. Prices and sentiment should then fall to 1.5385 and towards, but probably not as low as, 1.5272, October’s base.
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