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The instrument is sitting on a important support/resistance area. See the daily chart:
Holding here could mean a few weeks recover to get back higher near 110 or even lower.
Problem is about the current situation where fundamentals could cause a support breake to visit the whole area where found important bullish support between 101 and 106. In the next chart drawn by the retangle
Plan is to keep looking for buy opportunities as long as the support will not be clearly broken.
If market will decide to breake it, then will be possible short till around 101.50.
I'm for the first scenario and already IN with a long position.
I suspect anyway a move down to test the area below 106 before any important move up.
Holding here could mean a few weeks recover to get back higher near 110 or even lower.
Problem is about the current situation where fundamentals could cause a support breake to visit the whole area where found important bullish support between 101 and 106. In the next chart drawn by the retangle
Plan is to keep looking for buy opportunities as long as the support will not be clearly broken.If market will decide to breake it, then will be possible short till around 101.50.
I'm for the first scenario and already IN with a long position.
I suspect anyway a move down to test the area below 106 before any important move up.
