4-Hour Analysis:
Big Picture: Reclaiming 22,800 and breaking EMA-50 triggered another powerful round of price spike, taking price back to previous highs of 24,300. Going forward, bulls continue to dominate the short-term trend, but intra-day profit-taking cannot be ruled out because price still has to break through a few of levels to launch another round of price surge. A daily close above 24,300 will be deemed as a bullish close.
On the Upside once again, first opposition is encountered at the 24,300 level. Daily close above this level will be beneficial to the bulls, as any rejection here would result in a double top formation, which would be an unwelcomed sign for the market. Following that, the next level of resistance is observed at 25,000, followed by 26,300.
On the Downside the initial support level is identified at 23,650. Following that, we have the important support at 22,800-22,550 once again. Price must maintain this level in order to remain bullish and continue its upward trend. If this level is breached again, then price would drop towards 22,260, followed by 21,320. If these support levels are breached, the fall is extended towards 21,000-20,750.
