The Cable is in a descending wedge, will it show a reversal?
By definition, the descending wedge is an eventual reversal pattern. In this pair, we have made a pivot near the lows from 2019 at 1.2400 and have reversed higher. Resistance comes in at the 1.2600 level which is both horizontal resistance and the descending trend line. A break above could allow a move back to the 50% retracement near 1.2800. RSI has been divergent the last two months as well.
Blake Morrow
