1-Day Analysis:
Big Picture: At the top, price is forming a tiny symmetrical triangular pattern. If this pattern is a continuation pattern, price will most likely channel higher and test for the rising trendline resistance. Meanwhile, if sellers are able to take a short-term lead, price may fall into lower supports as a corrective measure. As a result, increased volatility is anticipated for the day.
On the Upside despite the bulls’ greater strength, 34,840 and 35,075 proved to be enormous challenges. As a result, price has seen some intraday pressure emerge, dragging price a little lower. However, there are additional resistances for the session, notably between 34,220 and 34,440. The next level of resistance above these levels are at 34,840 and 35,075. A push higher into 36,600 to 37,000 is still attainable if bulls can hold above this level.
On the Downside the price is finding support between 33,970 and 33,670. This is a good support zone for the price, and it is holding the price back from any deeper corrective pullbacks. Meanwhile, a break of this immediate supportive area would re-expose the price downward into the mid-range levels of 33,000 to 32,940, with a possibility for extended partial decline as well.
