Technical Outlook and Chart Setup:
As depicted on the Daily chart presented here, the support trendline remains intact for the bulls to stay in control in coming weeks. Furthermore, the prices have taken support from the 0.618 Fibonacci support of the upswing between 26.00 and 35.00 levels. Therefore, the trend structure remains favorable for bulls, till the time 29.22 level remains intact. At the moment, resistance remains fixed at 31.50 level, followed by 32.50, 34.30/40 and then 35.00 respectively. It is recommended to buy during intraday dips; around 30.00/30 would be best buy.
Trading Recommendations:
Hold on to long positions, buy fresh on intraday dips, stop is at 29.00, and target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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