Thursday, February 18, 2010

CABLE 8hr flag broken?

Looks like cable has made up it's mind which way to break (after a nice head fake yesterday when it traded up to 1.5830),  the RSI has also broken the trend up, and MACD is starting to turn down.. NEXT level to break if we are to get a sustained move is 1.5500.

medium term targets?  There are 2 possibles depending where the "flag pole" started.
How to measure a flag formation click  here.

taking high on 19/1/10       16458
taking the low on 8/2/10    15534   subtracting gives us 924 pips

break today at 15687 - 924 = 14763

2 taking the high on 3/2/10 16069
     taking the low on 8/2/10 15534 subtracting gives us 535 pips

break today at 15687 - 535 = 15152

Here's a look at the 4 hr chart from the other day..cable 4 hr range (bear flag)

looking at the DAILY chart with those targets added on

Obviously if we break back into the flag significantly something else is happening...use stops!

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