1-Day Analysis:
Big Picture: After the breakthrough, the price was able to move higher, but the momentum did not sustain, resulting in an intra-day sell-off and a very volatile session. Moving forward, recent price activity may result in a range-bound situation once again with manipulative moves on both sides to track down liquidity. Short-term moves are likely to be seen over the next few hours to sessions.
On the Upside the resistance level of 35,705 was able to halt the rise while also pushing for aggressive rounds of profit-taking. On the lower time frame, this has created adequate room for the indicators once again, however on the daily time frame, things remain quite hot. This may certainly keep prices inside in a volatile environment. However bullish momentum is to pick up again if price is able to surpass 35,705 level.
On the Downside the price may aggressively test the support levels of 33,970 to 33,670. Although there are several types of supports surrounding but price might still wick lower to capture the liquidity existing beneath. The 12-hour EMAs of 25 and 32 are rapidly reaching this zone, adding to the supports. However, a drop below 33,670 may cause the price to drop towards the mid-range levels of 33,000 to 32,800 before obtaining support.
