Technical outlook and chart setups:
As seen on the Daily chart view, the structure remains constructive for bulls till prices remain above 28.00. This region is re-enforced by past resistance turned support and the 0.786 Fibonacci retracement level of the entire rally from sub 26.00 level to sub 35.00 level. Prices need to push above 29.20/30 levels comfortably to confirm beginning of the next major uptrend. On the other hand, a test of 28.00 level also leaves a possibility before resumption of the larger trend. Support levels are 28.50 (intermediary), 28.00, 27.50, 27.00, and lower. It is still recommended to hold long positions and build further on dips. Looking higher soon.
Trading recommendations:
Remain long, stop is at 27.00, and target is open.
Good Luck!
