Technical Outlook and Chart Setups:
The overall structure remains unchanged as discussed yesterday, while short term outlook may change. The last week intermediary support at 1548/49 levels, depicted as S1 above, is not giving in to the bears as yet. That leaves us with a possibility of a corrective rally that may exceed resistance at 1630.00 levels. Until and unless the support region of 1550/40 levels is not broken convincingly, don’t be surprised if bulls take charge above 1630.00 levels in the coming sessions.
Trading Recommendations:
1. Cover short positions if taken yesterday.
2. Aggressive strategy would be to buy with stop at 1545.00, target at 1660/70 levels.
3. Conservative strategy would be flat for now. Trade on a breakdown of 1540.oo levels.
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