We are neutral | 25 March 2022

Technical observation

Yesterday price did not pullback to the lower side as I had anticipated, however it rose with a big green candle up to a level 122.42 and today I expect bearish movements towards the supportive zone 118.57-118.75. My advice, remain neutral and wait for a correction to the zone mentioned above then buy a bounce within it with your take profit at 122.42 and stop loss at 117.25. In case of a breakout above the level 122.42 with a big green candle, I expect a further surge to the upper side however, if price clearly breaks below the zone 118.57-118.75 with a big red candle, I expect a possible momentum towards the supportive level 113.43.

Trade recommendation

Remain flat.