Technical outlook and chart setups:

Let us go through the larger wave structure presented by the Daily chart view again. The AB rally from sub 26.00 level to 35.00 level can be seen towards the larger trend which is up. BC move from 35.00 to sub 28.00 level can be termed as counter trend for now. A CD extension is expected from 28.00 level to 41.00, 44.00 and higher in the coming months now. Supports are defined by 28.00 level, followed by 27.50, 26.50 and lower; while resistances are defined from 29.50 level, followed by 30.30, 31.20, 32.50, 33.50, and higher up. It is just a matter of time now, for a break above 29.50, since yesterday’s movement can be defined as the final test before the extended rally. Bottom line: Till the time prices are ahead of 28.00 bulls would remain in control.

Trading recommendations:

Remain long, stop is at 27.00, and target is open.

Good Luck!