8-Hour Analysis:
Big Picture: The price is progressively grinding its way towards the resistance zone. It was predicted that the region would be turbulent, and substantial volatility was witnessed yesterday. However, an attempt to initiate the corrective phase was made yesterday, but it was quickly countered. Price is still in a resistive region going ahead, and it has to either break above 42,600 or trigger a corrective downside to 40,800-40,250. Volatility is expected to last a little longer.
On Upside several intra-day resistances are still making it tough for price to move smoothly. Initial resistance, however, can be seen at 42,090-42,600. A clean break above this area could trigger a new round of excitement, with the next targets to be at 43,500, followed by 44,000, and eventually 44,400 in the next phase.
On Downside there is initial intra-day support at 41,250. This level held price yesterday, and no 8-hour candle closed below it, indicating that it will be a strong support moving ahead. This was a crucial level that needed to be turned into a support. It is now providing solid support; nevertheless, if this level is broken, price will most likely return to the 40,550-40,000 zone. A very strong trendline support has been softly pushing the trend upward, protecting this level.
