Big Picture: Price activity is getting more intense with each passing session. For more than 20 trading sessions, this range has been quite solid on both ends. Buyers will continue to hold the greater stakes at these levels in the short-term, but the present price action indicates that they are becoming exhausted and are in desperate need of a corrective phase. Furthermore, strength above 24,075 is required to re-ignite the bullish momentum.
On the Upside several fresh intra-day resistances have been added. The initial intraday resistance level is indicated at 22,820, followed by 23,050. Above these levels, the next phase of resistance comes at the 23,360 level, followed by the 23,840 level. Buyers must break through two important levels in order to advance to stronger tiers. The horizontal resistance level at 23,840, followed by the ascending channel resistance at 24,075 level.
On the Downside multiple attempts on the EMA-250 are cause for concern and calls for much more active risk management. However, the support level still remains valid, but a breach of this support on session closing can cause a wider corrective fall for the price, with initial targets of 22,200 followed by 21,890, and 21,550.