4-Hour Analysis:
Big Picture: Price remained extremely bullish and tested major resistance at 45500. This level was highlighted as aggressive profit-taking level. On back of all gains this move still needs a re-test of breakout levels in-order to further strengthen it. Expect price to re-test 40800-39350 range, However if price bounces of this level then we are likely to head towards 48-50k level followed by 52-53.3k level. On the other hand any daily closing below 38k level leads towards Range-Lows once again.
On Upside 45400-45500 acted as a swift resistance which has triggered intra-day profit-taking. However there remain chances that price could test EMA-200 Daily at 46850 before any rejection. Any aggressive move on the upside will be a good opportunity to trigger profit-taking.
On the Downside 42950 is seen as the first intra-day support followed by 40500 level. However a break below 40500 will open further extensive re-test zones around 39500 and 38k. Momentum Indicators below daily are extremely overheated and in need of a cool-down. CME Gap at 40500 has still not been filled.
