Technical outlook and chart setups:
As depicted here, the recent rally from 1,211.00 levels last week was reversed from 1,268/69 levels; which were past support turned resistance. Till the time prices are below 1,270/75 levels, it is recommended to refrain from buying. Also please note that the down channel line is still intact and we need to see a clear breakout above 1,300.00 levels to rule out further downside. Support is fixed at 1,210.00 and 1,180.00 levels; while resistance is line up around 1,300.00 levels, followed by 1,350.00 and 1,440.00 respectively. However, a push through 1,300.00 levels and subsequently 1,350.00 would enforce a trend reversal and change our trading strategy.
Trading recommendations:
Flat for now.
Good luck!
