8-Hour Analysis:
Big Picture: Bulls maintain corrective momentum and have been gaining ground with each passing session. Furthermore, the levels have been considerably more effective in the previous several sessions. Price is approaching the trendline resistance, and a reaction here will be critical for the next impulse. Price breaking through this trendline resistance will likely push for another bullish impulse, extending the current corrective move, whereas if price fails to break through this resistance, momentum may slow down again, allowing for some support re-tests lower before any further breakout attempts.
On the Upside the levels of 27,400 to 27,450 are now imposing the immediate resistance. The 8-hourly EMA-200 and the 50% Fibonacci retracement are both present in this range. Yesterday, as the price tested this zone, there was an instant sell-off. This area remains the session’s primary resistance zone. The trendline levels almost correspond with these resistances as well. A break above the trendline is necessary for the upswing to continue into 27,815 before moving higher into 28,300 and 28,850 possibly.
On the Downside following yesterday’s sell-off in the late phases of the session, the price plummeted towards the level of 26,680, which had previously been indicated as a support level. This level elicited a significant bullish reaction, which is presently propelling the price higher again into the resistances above. Given this, the session’s initial supports are at 26,940 and 26,820. While the session’s important supports will stay at 26,680, followed by 26,550 to 26,220 levels.
