4-Hour Analysis:
Big Picture: The short-term consolidation over the weekend did see an attempt for breakdown from the sellers, but that selling round was incredibly brief as it got in touch with the dynamic EMA-32 supporting level. Sellers have been overwhelmed at all important levels, as each offered decline is currently being viewed as a possible buying opportunity. This demonstrates that bulls continue to have an advantage, and additionally an inverted head and shoulder pattern is also starting to emerge.
On the Upside price is knocking at the intraday barrier level of 52,550, followed by the stronger resistance of 52,800. Both of these levels hindered the bulls’ short-term bullish attempts. Having said that, this is an important hurdle for the day, and if bulls can overcome these challenges, the upside could extend once more towards 53,490, followed by the channel resistance at 54,075.
On the Downside the resilient supports of 51,600 to 51,250 were mostly the weekend supportive levels, limiting the downside. The 4-hourly EMA-32 level provides additional protection to this region. This is a vital zone for bulls to hold if they are eyeing to head higher. Meanwhile, the primary intraday support level on the lower time frame is 52,180.
