Technical Outlook and Chart Setups:
Structure is similar to what was discussed yesterday. Intermediary support created last week, comes in at the 26.00 level. This level needs to be convincingly broken down for the bears to actually take control. For the time being, this cannot happen, Bulls may be preparing to rally towards 30.00 and above. We recommend to cover short positions if open yesterday. One more day would be required to confirm bulls taking control.
Trading Recommendations:
1. Cover short positions recommended yesterday.
2. Aggressive strategy would be to buy now, Stop below 26.00, target open.
3. Conservative approach would be flat for now.
Good Luck!
