4-Hour Analysis:
Big Picture: As previously said, Price moved in a choppy consolidation pattern. This level makes it risky to load with new long positions because there is huge resistance around 45-46k. If we see a re-test of the 41000 level or down towards 38k, it would be wiser to fill orders. However, if the price can climb and remain over 45500-46k, we could see 48-52k in the following days.
On Upside initial resistance for the day is seen at 43600 followed by the massive intra-day resistance at 44250. To rally further towards 45700-46000, price must break the chains of 44250. This level of 45700 coincides with EMA-200 Daily that is likely to act as a tough resistance for bulls to break. However if they manage to breach it expect 47700-49200 followed by 50-53k levels.
The Downside remains same with 43100 as the initial intraday support level, followed by 41950. However, the 40800-40400 range support is indicated below this level, which is expected to operate as the day’s bottom. If pushed, then we are likely to open further re-test levels between 38400-37950.
