Technical outlook and chart setups:
Looking into the daily chart presented here, 119.00 level of support has held strong and the prices rallied more than 400 points from there. It is encouraged to book partial profits and hold long on the remaining. Fresh longs could be entered on a pullback around 122.00 level now. Immediate support remains fixed at 119.00 level, followed by 117.00, 116.20/30, and lower while resistance is at 126.00, followed by 127.00 and 127.90. It is quite possible that an intermediary high is reached between 126.00 and 127.00 before reversing. Looking higher for now, pullbacks should be used as opportunities to go long.
Trading recommendations:
Book partial profits and move stop loss to breakeven. Buy fresh on dips towards 122.00.
Good luck!
