1-Day Analysis:
Big Picture: The significance of the spinning top formation, especially so close to strong support levels, was emphasized. Price has been in a recovery phase since the development of the spinning top formation and is perhaps looking for a re-test of the congestion zone. The supports have once again stepped up, however follow-on must now be confirmed before any additional aggressiveness from the bulls can be observed.
On the Upside the bulls are looking to push beyond the levels of 26,250 to 26,500. Buyers breaking through this barrier and displaying aggression over 26,500 will help the price surge higher into the next levels, initially at 26,940, followed by 27,125. Some profit-taking is still likely here, but if the trend continues, the upside can re-target the 8-hourly sets of EMA-200 and EMA-250.
On the Downside the primary support levels of 26,190 and 26,000 remain in effect. Below these levels, the next wave of supports is at 25,880 and 25,620, with weekly supports at 25,810 between these levels. Meanwhile, as long as price can hold the 26,000 support level, a recovery towards the upside looks feasible. However, breaking the 26,000 mark support would force price back towards the weekly support.
