Big Picture: Yesterday’s session began with intense selling pressure. The selling evolved into an intraday panic sell-off when the price fell below the mid-range level, which caused the price to drop to its lowest points since December 1, 2023. However as the price approached the supporting area, the selling was offset, and a short-covering wave of equal magnitude was then started. Yesterday’s session ended with a bullish pin-bar candlestick pattern.
On the Upside the initial resistance level is still 40,610, which is the mid-range level. If the bulls want to push in more short-coverings, they will need to overcome this essential level. A certain amount of strength over 40,610 extends the corrective upside into the levels of 40,880, 41,020, and then possibly even into 41,450.
On the Downside EMA-100 was under a lot of pressure, but it was still able to prevent any session closing below it. As for the session there is primary support at 39,850 followed by the level of 39,310 which is the EMA-100 level. There is decent horizontal support between levels of 38,550 to 37,800 under these levels.