Big Picture: Volatility has been higher in recent sessions, and the price has begun to make small corrections. Although any downside is now finding rapid interest, offsetting any substantial rounds lower. The relative strength index has been quite hot in recent weeks, but it is now beginning to drop due to the ongoing corrective trend.
On the Upside after yesterday’s cooling off, a few intraday resistances have resurfaced. The session will have initial hurdles ranging from 36,600 to 36,730. Above these, the next rounds of resistance are at the 36,940 and 37,200 levels. If these levels are retested, the price is likely to face some intraday hurdles and may prompt some short-term profit-taking.
On the Downside Price is beginning to trade below the 36,400 mark, implying that the short-term outlook is gloomy. This is expected to keep the 35,800 to 35,600 levels as the next exposed zones, and might lead to an even deeper pullback into the 34,550 to 34,400 liquidity zones. Any tests of these levels might result in extremely significant fresh buying interest.