| Short term selling trend of Cable will continue on Monday |
| Saturday, 14 May 2011 05:42 |
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On Friday market, Seller are dominant than previous two days and forecast is too dominant in next two or three days. As Market closed at 1.6181, the forecast is that market will continue down by almost 160 pips in next 2 or 3 working days as the next target of seller is 1.6023. Cable breaks its First support and move toward 2nd support which is easily achievable in next week. The RSI is at 37.442 and move further downward at least 33.773 which is its very strong support. Monthly retrenchment breaks its extreme support by 61% after the market break its yearly high at 1.6745 but since January 1st 2011, the next retrenchment level is 50% i.e. 1.6051(130)pips.
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