1-Day Analysis:
Big Picture: Bulls reclaimed control above the EMA-12, which resulted in a significant upsurge in price. This move was favored by the building short-term momentum in favor of bulls. However, the EMA-32, another significant barrier, is set to be tested by this movement. Since the beginning of the bearish trend, this EMA has frequently stopped recoveries in its tracks. For bulls, this will be a crucial turning point; in order to maintain the momentum in their favor, they must acquire recognition above.
On the Upside intra-day resistance is currently being felt at 21,870. Price took immediate rejection of EMA-32 Daily at 22,540. Currently the daily candle looks weak. This will be an important level for bulls to tackle. As strength above this leads for a much higher levels in sessions to come. Initially targeting 22,840 followed by 23,750 and eventually into EMA-50 Daily.
On the Downside the initial support level has risen to 20,660. Soon, EMA-50 4-hourly will also provide assistance at this level. Next supports are at 20,050 and 19,800 after that. Keeping these levels is essential. As any breakdown below might increase the downside to 19,050 and 18,590.
