12-Hour Analysis:
Big Picture: A solid surge higher was observed as price initiated the breakthrough. Despite overheating circumstances, bulls managed to put together another good move higher. This indicates that the aggressiveness from bulls is discouraging sellers from making their moves; but, with the most recent move, bearish divergence has begun to form, which going forward will be an important thing to keep under consideration.
On the Upside price was able to soar higher after breaking over the barrier level of 35,075. The session’s primary resistance is at the 35,705 level, followed by the 36,600 level. If bulls can retain their strength and avoid any selling rounds, price can rise even further towards 37,200, followed by 38,000. With the emergence of divergence, however, profit-taking on strength is now suggested.
On the Downside levels that have lately flipped are likely to establish themselves as early supports. The first wave of support is likely to range from 35,075 to 34,940. Losing this range, on the other hand, might slowdown the momentum and lead to a substantial drop for the day down towards the levels of 33,970 to 33,670, which are now additionally protected by the EMA’s as well.
