Cable keeps traction on bullishly aligned technical studies

Cable keeps firm tone for the fourth straight day and rises to one-week high on Monday, moving into the upper part of a multi-week range.

Despite holding in prolonged sideways mode, cable’s near-term picture remains bullishly aligned as positive momentum is rising and the action is underpinned rising daily and weekly cloud.

Bulls look for close above 1.2715/20 pivots (converged 10/20DMA’s / Fibo 61.8% of 1.3141/1.2037) to further firm near-term structure and expose next target at 1.2785 (Jan 12 lower top), guarding key barriers at 1.2827/44 (range top / 200WMA).

Rising 55DMA, weekly cloud top and range floor (1.2598/1.2603) mark key supports.

Res: 1.2765; 1.2785; 1.2827; 1.2844
Sup: 1.2689; 1.2648; 1.2600; 1.2549