4-Hour Analysis:
Big Picture: The key levels restricting all gains. The price action shows that Bears still have the upper-hand and that the upside was mere a relief. Bears stepped back into the game in-order to protect their psychological levels and resume there carnage. However, 35500-34500 level still holds great importance to bulls. This level is likely to trigger aggressive short coverings once more.
On Upside 38800-39100 remained to be a major resistance that triggered fresh wave of intra-day selling. However 37200-37700 is likely to act as first resistance for the day followed by 38800. In-order to extend the upside towards 39700 followed by 40-42k levels, bulls need to manage a convincing closing above 38800-39100. Moreover this level coincides with the EMA-100 4-Hourly that has been triggering sell-offs multiple times in this downward trend.
On the Downside 36600 capped the downside yesterday but now price is penetrating below this level. So next major support level is seen around 35450 followed by 34800-34400. However 4-Hour based closing below this level will once again open doors towards 32800 followed by Range-Lows around 28-30k.
