4-Hour Analysis:
Big Picture: Intra-day supports halted the sell-off and triggered another upside. We have been seeing this volatility since FOMC event. However price is again on a major resistance level, flip this and much stronger rally on the upside is expected but if rejection is seen then it’s likely to wipe-out today’s gains. Such volatility is likely to continue unless the range breaks on either-side. It is advised to remain low on leverages for the day.
On Upside 38800-39100 remains to be the major resistance that is capping the upside. This remains to be the crucial level that Bulls need to take out in-order to extend the upside towards 39700 followed by 40-42k levels. Moreover this level coincides with the EMA-100 4-Hourly that has been triggering sell-offs multiple times in this downward trend, however this EMA is starting to get weaker now due to multiple tests in quick successions.
On the Downside 36600 was breached yesterday but was reclaimed right after, hence this level remains as intra-day support. The 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.
