2-Hour Analysis:
Big Picture: Lower supports have done a good job of limiting the losses. Price has risen once more and is approaching a few intraday resistances. Currently, a slow ranging environment is being monitored, which has kept price under choppy terrain. Strength above 17,620 however, can get the short-term momentum bullish.
On the Upside a new resistance is forming in the form of falling channel resistance at 16,555. Above that, the price will once again encounter resistance in the 16,800 to 17,100 range. Strength above is region required to extend the upside. Successfully breaking this can lead to 17,500 initially and possibly 17,950 later on. Back-to-back daily session closings above 17,620, on the other hand, could be a very positive sign.
On the Downside supports reappear at 16,395 and 16,230, respectively. Below these, the 50% Fibonacci retracement support at 16,130 has also been performing admirably. The next level of support is at 15,970, which is the 61.8% Fibonacci retracement. All of these intra-day supports are important in keeping prices from falling further during the day. Prices may be dragged lower into the 15,790 to 15,630 region if the 61.8% support level is lost.
