4-Hour Analysis:
Big Picture: Bulls continue to dominate the trend, and in yesterday’s session, they nearly reached the previous all-time high level recorded back in November 2021. Another positive aspect is that price is wrapping up the session around strength and has yet show any significant symptoms of exhausion. While this does suggests strength, however, the oscillating indicators are severely overbought, which could contribute towards profit taking.
On the Upside price broke past a number of intra-day resistances in yesterday’s session, while the current session is currently seeing some initial profit-taking. For the moment, the primary resistance level is 67,000, followed by 67,375. Above these intraday resistances, the next challenges are at 67,900 and 68,100 levels. Strength over 68,100 paves the way towards the previous all-time high of 69,000.
On the Downside fresh supports have been established once more. These supports are currently operating at the 66,100 level, followed by 65,555 level. These are the initial supports that are presently absorbing minor profit-takings and have so far provided decent reactions. These levels continue to serve as the primary supports. Below these levels, the next supportive levels are at 63,400 and 62,950. This region also has the 4-hourly EMA-32, which will be a significant support addition.
