Technical Outlook and Chart Setups:
As depicted above, the pullback towards the 101.50 level last month can be considered as Wave 4. Wave 5 is under way now and the bears should be targetting at the 93.50/94.00 levels as downside minimum projections. Near term support is cast by the 96.00 levels while immediate resistance comes in at the 98.50/60 levels. We expect a pullbacks to be well capped below this resistance level now.
Trading Recommendations:
Sell intraday rallies towards 98.00/ 98.50 levels, Stop at the 101.30 level, Target - 93.50
Good Luck!
