CABLE Validates Classic Opening GAP Price Reversal
CABLE @1.2594 N. High Confirms Price Reversal After Opening GAP similar to the what transpired from POST UK Exiting ERM dated Sept 1992. Even when there was a follow-through on the way up, only then when price levels sets a new high for the new month of January can we claim a validation & confirmation.
The classic opening gap was indeed a price reversal even after touching its previous low @1.1986 before making a follow-through to the upside. This was in line with the extension levels of the DXY @103.55 high that gave way for a corrective move lower until today currently below 100 basis point. Alternating trade sequence with the DX Futures Short @103.48 is a strategic move to cover any adverse / contrary price direction from the prevailing major trend as prices for CABLE are well within a down trend in spite of its recent rally. Therefore never discount the probability of price pullback in either direction. This provides traders the ability to maintain an 'UNBIAS' stance in their market analysis.
CABLE is trading @1.2594 as a new high for January can find some resistance @1.2775 - 1.2880 levels. That is there would be more interest for CABLE to build up its momentum as long as the USD does continue to trade weaker.
The classic opening gap was indeed a price reversal even after touching its previous low @1.1986 before making a follow-through to the upside. This was in line with the extension levels of the DXY @103.55 high that gave way for a corrective move lower until today currently below 100 basis point. Alternating trade sequence with the DX Futures Short @103.48 is a strategic move to cover any adverse / contrary price direction from the prevailing major trend as prices for CABLE are well within a down trend in spite of its recent rally. Therefore never discount the probability of price pullback in either direction. This provides traders the ability to maintain an 'UNBIAS' stance in their market analysis.
CABLE is trading @1.2594 as a new high for January can find some resistance @1.2775 - 1.2880 levels. That is there would be more interest for CABLE to build up its momentum as long as the USD does continue to trade weaker.
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