Technical Outlook and Chart Setups:
Taking overview of the last two trading weeks again, we can come to the following conclusions:
1. Long-term trend remains intact i.e. bullish.
2. We are in the possible wave 4 retracement within the 5 waves.
3. In spite of the fact that we have been stopped out twice last week, buying on dips is still favorable.
4. The above depiction is further addition to it since prices have shown an Engulfing Bullish Signal at the 0.382 Fibonacci support level.
5. 1,685.00 level is strong support now, while sub 1,750.00 level is resistance.
Trading Recommendations:
Buy now around 1,722-1,725. Stop at 1,680. Target fresh highs.
Good Luck!
