8-Hour Analysis:
Big Picture: The price is still holding onto the ascending channel. However, high volatility is likely today owing to macroeconomic reasons. For the day, price might target both buyers and sellers. Furthermore, the overall market will stay range-bound as long as the consolidation box between 17,620-24,890 holds. Furthermore, aggressive profit-taking is recommended for the day.
On the Upside the day’s early resistance continues at 19,250. To extend the gain further, price would need to surpass this level. This level is presently causing price restrictions but moving over this will invite aggressive short-coverings. The next level of resistance, however, is found around 19,550, followed by 19,800. Strength over this level will take price to the 20,200 and 20,550-20,790 range levels. If tested, expect profit-taking at these levels.
On the Downside the trendline-based supports are currently getting challenge. This will provide critical support for the session. However, failure to do so would very certainly send the price back to the 18,400-18,100 zone, which also serves as a key support level. Any pressure buildup below these levels would be cause for concern, and it would most likely target the June low next.
