4-Hour Analysis:
Big Picture: The pressure remained intact as price loses momentum. Multiple rejections of 24,300, followed by a fakeout push, generated moderate bearish divergence, reducing momentum and encouraging profit-taking. Bulls are now aiming to re-test lower supports and require a positive reaction from there to rebuild momentum and attempt a potential break-through. Any setbacks would prolong the cycle and could further stretch the re-test process towards the bottom band of the range, so a positive reaction is still necessary to keep the corrective cycle on course.
On the Upside the initial resistance level is currently at 23,300, followed by 23,620. Breaking these leads back to the congestion zone at 24,300-24,890. For the previous few weeks, this level has been restricting the upside, and strength above it is required to break through the congestion and initiate another bullish phase. This will very likely pave the way for upside objectives of 25,300, then 26,300, and eventually towards 27,500-28,200.
On the Downside supports at 22,800-22,550 have been tested again and are now defending against additional slippage. These levels continue to provide excellent support, but a further dip cannot be ruled out owing to successive rejections off 24,300.If the price breaks through the 22,550 level, it is projected to fall towards the 22,000-21,800 level as next support.
