Big Picture: Range-Bound price action continued over the weekend. However, for this consolidation to end price has to break either side of the range. The upper hand still remain with bears who are still eyeing to sweep Range-Bottoms around 28-30k level. Having said that this partial relief can turn into a short squeeze and continue a little further toward 39400 followed by 40-41k levels in-order to punish the late shorts. 40-41k range remains to be a massive supply zone which is likely to give tough time to bulls.
On Upside 38400-38800 supply zone in confluence with EMA 100 4-hourly is capping the upside. However next intra-day resistance is seen at 39650. Moreover stronghold above this level is required to open 40-41k as the next target zone for the bulls which remains to be an area of multiple important resistances.
On the Downside first intra-day support is seen at 36700 followed by 35500. 34500/35500 remains to be the threshold between bearish to aggressively bearish price action. Any 3-Day Candle closing below 35500 would mean loss of MA-200 support which will be considered very bearish and would expose local bottom support at 32850-33200 once more. Any break below this and bears unleash aggressive downside towards Range Bottoms at 30-28k level.
