8-Hour Analysis:
Big Picture: The bulls are now maintaining the weekly support levels, which keeps them in a comfortable position. The selling pressure is unlikely to be considerable as long as the weekly supports hold; however, once the weekly supports have been broken, the pressure will shift back to the bulls, who are expected to face deeper declines in the coming sessions. As a result, holding the weekly supports favors bulls in enforcing some recovery in the days to come.
On the Upside the session’s initial resistance is now at 25,960, followed by the level of 26,125. Clearing these obstacles pushes the price back to the levels of 26,350 to 26,550, where another wave of resistance awaits. Strength over this resistance level would allow price to re-target the EMA-100 level, which previously stopped the bullish ascend. The EMA-100 is presently valued at 27,290.
On the Downside the support level of 25,800 has held price steady throughout the weekend with no significant decline. This support level will be valid for the session and will serve as primary support. Sellers challenged the weekly support levels once again in last week but failed to gain anything from it. As a result, sellers are presently exposed to another round of short-covering. If bulls can maintain the 25,800 mark for the next several hours, sellers may become exhausted once more.
