8-Hour Analysis:
Big Picture: Another mostly sideways session with little action taken from any of the participants. The tight range is aggressively constrained on both sides, preventing any breakouts on either side. However, bulls are currently struggling for the first time since their major upward trend, indicating the probability of a higher time-frame correction. Despite the challenging conditions, bulls may re-energize, even if only temporarily, with any surprised movements.
On the Upside for yet another session, 43,050, followed by 43,200 and 43,455 have successfully limited the upside. Price has been unable to gain momentum in order to break through this range. The bulls, on the other hand, made many efforts throughout the previous five sessions. Going forward, maintaining a foothold above 43,545 is critical for the rally’s sustainability, as this level corresponds to the 8-hourly EMA-50 level. A strong hold above 43,545 opens the way towards the upside, initially targeting 43,900 and 44,500 levels.
On the Downside the initial range levels are now under heavy pressure. If this range fails to hold, the price is projected to fall towards the levels between 42,160 to 41,950. This is the next range of supports, which is expected to prompt some short-covering as well as fresh buying. Meanwhile, if sellers want to cause additional fall, they must generate significant selling pressure below 41,950, which might result in a major intra-day selling event, opening the downside towards 41,080 and potentially 40,620.
