4-Hour Analysis:
Big Picture: Bulls’ aggressive strength has faced hurdle in the previous two days at the psychological resistance level of 30,000. Despite several tries, each time price attempted to develop strength above the resistance, a quick sell-off occurred. This indicates that sellers are still active at this resistance level, restricting any bullish developments.
On the Upside the key resistance level has once more capped the upside potential. Price was unable to sustain any strength beyond the psychological resistance barrier. The primary resistances for the session will remain at 29,800 to 30,000. Breaking through this resistance zone with strength is necessary for the upside to expand higher. If that is accomplished, the price will be able to target 30,300, followed by the 30,750 mark.
On the Downside the EMA-200 level is now providing some price support. However, failure to break over psychological resistance will overwhelm these levels, resulting in a deeper decline, initially towards 29,010 to 28,940 levels, followed by 28,850 to 28,650 levels. This area of support will remain essential since maintaining it reduces the downside risk, whilst losing it opens the door to lower levels for sellers to target in the coming sessions.
