1-Day Analysis:
Big Picture: Since breaking out of the volatile consolidation area, price has been rising vertically. Furthermore, price has effectively cleared all of the obstacles that it has encountered throughout this fierce surge. However, while there is still opportunity to the upside, considerate risk management is required, as the indicators are once again going into the severely overbought territory, which could create short-term intra-day corrective pullbacks.
On the Upside as the price exceeded the 42,965 level with strength, the momentum grew so strong that it pushed the price towards the next intra-day barrier in blink of an eye. Price, on the other hand, fell only a few points shy of the 44,800 mark. The volumes remain high, signaling the active participation and aggression. However, price will soon encounter significant resistance from 45,300 to 46,120 levels owing to the presence of channeling resistance, which is followed by the range top at 48,200 levels.
On the Downside as long as the bullish pattern holds, the minute price reclaims a key level, it swiftly converts it into a support. The prior strong supports of 41,500 to 41,400 maintained firm enough during the short-term pullback to allow for another upward surge. Similarly, new supports are forming between 43,600 to 43,450. If bulls maintain lower-time frame support levels, momentum will likely remain strong and unaltered towards higher levels. Meanwhile, sellers would need to breach the 43,450 mark in order to pause this hyper-move and bring prices back down into the 41,500 to 41,400 range.
