Technical Outlook and Chart Setup:
The above daily charts clearly depict a cone type Consolidation Pattern for several weeks already. Immediate support is now strong at 1550 level while prices are inching higher towards a possible breakthrough of the resistance placed at 1600/20 regions. If we look into the wave structure, waves 1(1530-1640) and 2 (1640-1550) are in place and prices are consolidating after that. Waves 3 are normally powerful breakout waves and the expected extensions are around 1700.00 level. We maintain our bullish bias and recommendations till the time prices are above 1520/30 levels.
Trading Recommendations:
Buy on dips within the cone structure, stop below 1520 levels. Target open.
Good Luck!
