1-Day Analysis:
Big Picture: After a few days of volatility and consolidation, bulls have retaken control and are leading price upward. Price has not showed any major indications of weakness or exhaustion since recovering the mid-range levels. This puts bulls in an ideal position to channel higher and move closer towards the mid-mid-range levels. Meanwhile, the indicators continue in the aggressive zone, confirming the strong momentum.
On the Upside price is now seeking to break beyond the 36,800 level, but trendline hurdles remain till the 37,200 level. Furthermore, 37,200 has some horizontal resistance, which may present bulls with an intraday challenge. Furthermore, if bulls can maintain this momentum, price is anticipated to steadily move higher into 37,800, followed by 38,400 levels, with opportunity for further gains.
On the Downside on lower time frames, 36,550 might become a minor support level. Meanwhile, the stronger intra-day supports are around 35,550, followed by levels ranging from 35,200 to 35,100. However, failure to hold this lower support level may result in intraday profit-taking, dragging the price further lower into the trendline supports between 34,700 to 34,620. Moreover, the daily-based EMA-12 is just above the trendline supports. The EMA-12 was last tested in mid-October.
