1-Day Analysis:
Big Picture: Price remains inside the ascending trendline channel formation. It has mostly been volatile within the prevailing range. However, due to the continued consolidation, the EMAs have reverted much closer to the price and are beginning to position on all-important levels. Furthermore, the RSI parameters are gradually cooling off, making possibilities for another advance.
On the Upside early resistances may be seen at 35,075 and 35,300. Yesterday, the price was rejected from the levels of 35,300, which slowed the upward momentum. Bulls must gain strength over 35,300 in order to target the resistance of 35,705 and potentially the channel top near 36,600 to 36,800.
On the Downside channel support is positioned between 34,650 and 36,500. This is an important trendline support zone since losing it might trigger a lower-time frame corrective drive for the levels of 33,970 to 33,670. Furthermore, enormous liquidity persists below the 33,670 zone, which might be an area of interest for the price.
