4-Hour Analysis:
Big Picture:
Bulls rebounded aggressively yesterday, going all the way to the sessions’ key resistance levels. Though price has not yet attempted a substantial move above the resistances, however, an immediate rejection has been witnessed after testing the 29,800 to 30,000 range. For the session, the short-term bulls are expected to challenge the psychological barrier once more. However, pushing further up above the psychological level is still necessary for the upside to expand. On the contrary, frequent failures may result in profit-taking.
On the Upside Price broke through a few resistances and retested the levels of 29,800 to 30,000. Price tested this region in later stages of the session, however an immediate rejection was witnessed as price tested those levels. These key resistances will serve as primary resistance during the session. For the upside to continue, a break above these levels is required. Strength over 30,000 would trigger an outbreak of short-coverings, which can further push the prices higher towards 30,300 to 30,750 levels.
On the Downside for the session, a few new support levels have been included. The recently reclaimed levels will once again serve as supports. The session’s initial supports are 29,525 and 29,180. Although the price remains range-bound, while any fresh signs of weakness could end up dragging the price lower even beyond the support levels of 28,850 to 28,650. Furthermore, the bulls would benefit from maintaining the EMA-50 level in order to avoid any pressure buildups.
