1-Day Analysis:
Big Picture: Price has been honoring a trendline-based support that has been in place since January 2023. Only twice has price been able to drop below this trendline, and both times the decline was short-lived. Despite the fact that the bulls were weak, the price honored the support, resulting in another solid upsurge. Meanwhile, bulls are currently facing a new challenge in the mid-range. If the bulls can break over this level, they will be able to channel higher.
On the Upside the mid-range has remained one of the primary resistances for the previous two to three sessions. The current position of this level is 28,430. A prolonged hold above this level would allow bulls to aggressively target the resistances at 28,850 to 29,020, which has also been restraining the upside. If price is successful in breaking over these levels, it will face next resistance at 29,400, followed by 29,525.
On the Downside bulls have been able to maintain a solid support presence between the levels of 28,180 and 28,040. This is the third time in three days that price has taken solid intraday support from this level. This is still a significant point for the bulls to hold since it will assist them achieve momentum towards the upward. Meanwhile, the support remains intact; however, if bulls continue to fall short of their upward targets, this may possibly weaken the immediate support area, and if price breaches this support, the decline is likely to head towards the 27,650 to 27,550 levels.
