4-Hour Analysis:
Big Picture: An astonishing move was created the moment price reclaimed above the 2018 All-Time High Level. This level was highlighted as one of the key levels that market has sight on. Going forward the short squeeze is now starting to see fresh buying pressure as well. This is an encouraging sign for the market. However if price could re-test back towards 20,400 and bounce back in a similar manner then multiple confirmations would be meet in favor of further higher pushes.
On the Upside Price is rising rapidly towards higher levels. The initial level of 21,200 is expected to allow for some intraday profit-taking, with the next level at 21,600. This will be another crucial level to overcome. Breaking this is expected to trigger another similar spike, with 22,000 being the next objective, followed by 22,780.
On the Downside several fresh supports are resurfacing. Recently, 20,400 has been a very difficult milestone to overcome. Now that it has been surpassed, the price is projected to utilize this level as initial support, followed by 20,200. Both of these will be crucial supports for the sessions, and holding them would just allow for a much smoother rally higher. Furthermore, if price begins to lose these supports, the hyper momentum will be similarly slowed. Below 20,200, the next level of support is at 19,800.
