4-Hour Analysis:
Big Picture: Price was rejected once again at the prior resistance level of 30,650-30,800. Unless and until this level is recaptured, the pressure will likely continue, with the price finally reaching the 4-hour range lows of 38,650-38,400. This range is now about 21 days long, indicating that the next trending move will be quite powerful and sustainable, but the direction is yet to be seen.
On the Upside Initial resistance is seen at the 4-hour based range high of 30,600-30,850. A stronghold above this level would lead towards a retest of 31,850 and the EMA-200. Remember that for any bullish continuation into higher levels, both of these resistance levels must be broken. If a breakthrough occurs, the next target zone is 32,850, then 33,750, and eventually 35,000.
On the Downside the initial support level is observed at 30,050-29950. However, intra-day support is still fragile, so a test of lower supports cannot be ruled out. Lower key support levels are identified around 28,750-28,400. If these supports are breached, the price is projected to fall towards 27,475 and potentially as low as 26,700.
