Technical Outlook and Chart Setups:
They say, "Trading Is A Game, You Win... You Loose... But One Needs To Play...... " Last week recommendations were to short aggressively, prices came down but not the way it was expected. The trend line was held yesterday and flipping positions by taking out profits have worked well till now. 100.40/50 levels are strong support now. Furthermore, prices have taken out last sessions’ resistance just above 101.00 level. It instills confidence that bulls are back again, and one can expect higher highs and higher lows forming from here on. Intraday dips from here on should be used as opportunities to build long positions. Staying long is recommended.
Trade Recommendations:
Stay long from yesterday (around 100.50), stop around 99.50. Open target. We will revise stops tomorrow or at the beginning of the next week.
Good Luck!
