Technical Outlook and Chart Setups:
Last 2 trading sessions have proved to be a bit difficult for bulls, targeting a breakout. We are focusing on 2 things at the moment.
1. The drop from recent highs at 97.80 level can be still defined as corrective in nature; since it is in 3 waves.
2. The line of support from 94.00 leves is still intact.
Keeping these views in mind, we still recommend holding earlier long positions, for a bullish resumption which would target 98.50 and 99.00 levels at least. Aggressive selling is still not favourable. We are expecting a bullish reversal soon enough.
Trading Recommendations:
Hold on to long positions taken earlier. If yesterdays' stops might have triggered, one can still take fresh long positions now, stop below 95.00, target 98.50 and 99.00.
Good Luck!
