4-Hour Analysis:
Big Picture: For several days, the rising channel formation has maintained the price within it. A decent reaction is observed whenever the price comes near to the trendline supports. Going forward, price will gradually follow the trend and is likely to stay volatile within the range. However, whenever price goes on either side of the range, a major impulsive move could be seen.
On the Upside price is now expected to test two resistance levels above at 35,570 and 35,705. These are the levels that must be broken in order for the price to test the channel’s top. Any indication of strength over 35,705 is expected to push the price higher towards 36,150, followed by 36,600 to 36,800. This is where the channel top is situated, and it has the potential to cause intraday profit-taking.
On the Downside fresh support have established between the levels of 35,200 to 35,100. These levels have recently provided good support to the price. Furthermore, holding these supports maintains the short-term momentum and negates any lower fallbacks. Meanwhile, if these supports are breached, the price is expected to retest the channel lows between 34,660 and 34,580. Furthermore, the EMA-50 is positioned around these supports, contributing to their strength.
