1-Day Analysis:
Big Picture: Multiple bullish indications on charts were indicating an upward push. As price continued to maintain the prior higher lower formation, the variables shifted in favor of the bulls, who made no mistake in seizing the chance. Currently, the daily EMA-32 is on the verge of being breached, and this is a critical level that must be held in order to maintain the price on track for the EMA-50, followed by 24,300. Furthermore late buyers are advised to strengthen the risk management.
On the Upside the initial intraday resistance is identified at 22,625 followed by 22,895. This 4-hour level remains important resistance, having not been crossed since mid-June. However, a breakthrough over this will leave bulls in an even more conformable position to target 23,400 initially followed by 24,300, and eventually towards 25,000 mark.
On the Downside At the moment, significant intra-day support is being monitored at 21,850. This is a critical level for bulls to hold in order to continue storming up the charts. Losing this level could hinder the course of recovery and momentum. Following this, the next level of support is expected at 21,300, followed by 19,800.
