Technical Outlook and Chart Setups:
As depicted above, kindly note that
i. Prices tested the highs on Friday and pulled back sharply to close lower.
ii. The fall till now has managed to reach 33.50 level and also the short-term trend line.
A bullish reversal from here warns highs to be taken off, while a break down should further accelerate downside towards 32.50 and lower. The second count seems to be more probable at the moment. Favour short positions.
Trading Recommendations:
Stay short, stop 35.25, targetting 32.50 and lower.
Good Luck!
