WEEKLY SPOT CABLE - end to lower weekly highs keep signals pointing to further gains

In line with our positive forecast, the previous week's indecisive price action was followed by investor demand. This upside was muted with the bulk of the price action fluctuation around the 13/100/200 day mvg avg area. But modest demand at the beginning and end of the week creates a positive bias that we look for to be important in the coming days. In view of this, our call for this week is a Cautious Buy from the open but leaving room to also Buy any Dip to 1.2871, the 100 day mvg avg. The risk is 1.2774, August’s base, with an immediate target of 1.3023, the 3 week top. A move through that point then exposes sentiment to 1.3135, the open from 5 weeks ago, or even towards last month’s 1.3267 peak.