8-Hour Analysis:
Big Picture: Throughout the weekend, price movement remained consolidative, with no significant moves in either direction. The range bound environment remains between 19,550 and 18,250. This is likely to change as a decent consolidative phase has been observed. Furthermore, price has two significant zones at 17,630 and 19,800 where there remains plenty of liquidity. These levels can serve as price key targets. The session is likely to monitor increased volatile.
On the Upside both the falling channel resistance and the 12-hourly EMA-50 are now nearing on the 2018 previous All-Time High level of 19,800. All of these points of resistance have made it tough for the bulls to gather momentum. Furthermore, a break above these levels can spark significant short-covering, propelling the price towards 20,400 in the blink of an eye, with further upside targeting 20,900. If momentum remains above 20,900, a further squeeze to 21,800 is possible.
The Downside the first support level of 18,900-18,750 remains unchanged. Below this, the important support level of 18,250-17,950 comes into play once again. As long as current levels of support hold, the possibility of a short squeeze to the upside remains. Failure to retain this support zone, on the other hand, would almost certainly result in a retest of the June low.
