1-Day Analysis:
Big Picture: The upward push encountered a crucial resistance point and was rejected. This EMA-32 has been a key mark from the beginning of the current decline. It has served as a price stop and has kept aggressive bulls away from the chart. The aggressiveness will continue to linger until and unless the price breaks above the trailing EMA. Bulls attempting to initiate a much stronger round of corrective cycle, on the other hand, must maintain a grasp above this level.
On the Upside the initial resistance level is currently at 20,850, followed by the 21,000 mark. Following that, there is a significant intraday resistance at 21,870. Above this level, strength will pave the way for a re-test of the EMA-32 at 22,270. Last week’s effort on this EMA was denied. Bulls require a hold over EMA-32 to initiate a strong move to the upside, with targets of 22,840, 23,750, and eventually EMA-50 Daily.
On the Downside the current level of support is 20,350. This level is expected to provide sufficient intraday support. The next supports are at 20,050 and 19,800. Maintaining these levels is important. As any breakdown below might push the price down to 19,050 and 18,590.
