Technical Outlook and Chart Setups:
A weekly chart setup has been depicted here for a clear long-term view. As seen here, prices have bounced off the long-term trend line around 26.50 region. Furthermore, the falling wedge formation has also been broken on the higher side registering fresh range highs at 35.00 level. At the moment prices have retraced and bounced back from the 0.618 Fibonacci support at 29.60 region. A morning star is also expected to appear on the weekly chart. It is recommended to buy on dips and clearly hold positions taken early.
Trading Recommendations:
Hold on to long positions taken earlier, also buying on dips is recommended. Stop is at 29.00. Target is at fresh highs.
Good Luck!
