2-Hour Analysis:
Big Picture: Buyers managed to hold the support levels, forcing a strong round of short-coverings. Going forward, this bounce is most likely a corrective phase that will be sold at key resistances. Furthermore, the current price action suggests a potential range-bound play in the coming sessions between 15,600 and 18,200.
On the Upside the 16,560 level is a strong resistance for the price. Surpassing this will move the price towards 16,800, with a possible target of 17,100. If this area is tested, a decent round of profit-taking is likely, but strength above 17,220 can pave the way for further upside into 17,950-18,150.
On the Downside several intra-day supports must have been established. Strong support is now expected from the 16,260-16,200 levels. Following this, the next support will be at 15,930, with major supports ranging from 15,790 to 15,630.
