Technical Outlook and Chart Setups:
No doubt the bulls have been in total control through the last week rally, 102.00 resistance was also taken out. Let's have a close look at where the price action has stalled for now. As depicted above, the prices are stalling at 0.618 resistance level for the downswing between 108.00 and 94.00, also at a 0.5 resistance level for the downswing between 111.00 levels and 94.00. This shows Fibonacci convergence and a reaction is normally expected here. Watch out for bearish reversal signals appearing here for a bearish retracement/reversal. Aggerssice traders can go short at current levels with stop above Fridays' highs.
Trading Recommendations:
Aggressive trade setup encourages to go short again now with stop at 103.35.
Good Luck!
