Technical Outlook and Chart Setups:
As seen above, prices hit Fibonacci extension (support) sub 33.00 levels and pulled back sharply yesterday. Such behaviour could be an indication that prices want to reverse directions. At the moment, it is too early to be convinced of a bottom but the fact that 34.30 level was broken from here supports the confidence. Keeping the story simple, 32.50 still remains the key level for a breakdown. Till the time prices are above the 32.50 mark, bulls would be eyeing fresh highs. It is recommended to take profits of the short positions if any, and look for buying opportunities above 32.50 for now.
Trade Recommendations:
Exit short positions taken earlier. Buy now, stop at 32.00, target open for now.
Good Luck!
