Technical Outlook and Chart Setups:
Again 4H chart has been presented above. We were at the intermediary resistance R1 yesterday and favoured the pullback there. Now that the prices have cooled off from 35.00 level, bears would want to target at least to 33.50 region. This is convergance of 0.618 Fibonacci support and the trend line (short-term). A bounce from there warns resumption of the bull run again towards 37.00 level and further up. A break down though, has potential to bring down the prices to at least 30.00 level before rally. Aggressive traders can go short targetting the 33.00/33.50 price region.
Trading Recommendations:
Aggressive strategy would be to go short, stop above 35.00, target 33.50. Cover on a bounce at trend line.
Conservative strategy would be to stay away for now, wait for a bounce or break of short-term trend line.
Good Luck!
