4-Hour Analysis:
Big Picture: After failing to achieve the breakthrough, the price dropped to re-test the support levels. Price swiftly reversed from the lower supports in an amazing re-test. Price and trend are still extremely volatile. When the price breaks out of this range and establishes a grip on either side, the conditions are likely to shift and improve.
On the Upside,price will confront significant resistance between 27,200 and 27,415 levels. This area has the crucial horizontal resistance, which will now be combined with the EMA-200 resistance. Both of these levels will make it difficult for buyers. However, if the upside is to expand, a breakthrough above this level is still required. If this is accomplished, price will be redirected towards the resistance level of 27,800, followed by the 50% Fibonacci level of 28,350.
On the Downside the support levels of 26,650 to 26,530 stepped up up once more, preventing the price from sliding any lower. These support levels, however, remain important for bulls since keeping them is critical for price to prevent additional sell-offs. As losing this supportive zone would expose price back towards the recent lows with room for further downside.
