Risk remains to the downside on larger timeframes with downside targets visible on a break below key supports. Short-term bottoming could be forming on intraday timeframes but upside remains capped in the range until daily resistance breaks. Price needs to break out decisively from this range bound action for the next clear directional move.
For a more in-depth technical analysis across different timeframes, please click the link to view the identified levels of support and resistance, trends, and reversal patterns on the weekly charts.
Daily Timeframe
- Price is caught between key support at 44073 and resistance at 44375/45220 level.
- A break below 44073 could open up further downside towards the larger support zone between 41300-41300.
- Upside appears limited until price closes decisively above resistance.
Support and Resistance Levels
Support Zone 1 | 44073.32 |
Support Zone 2 | 41300.00 |
Fibonacci Retracement Levels
0.382 | 45219.83 |
0.50 | 44372.20 |
0.618 | 43508.90 |
0.786 | 42300.27 |
0.882 | 41597.30 |
Demand Zone
Zone Number | High | Low |
Demand Zone 1 | 44480.59 | 43175.00 |
4 Hour Timeframe
- Support at 44073 holds for now. Next support is at 41144.
- Price action is range-bound between these support and daily resistance levels.
- A break below 41144 could see an acceleration in the short-term bearish trend.
Support and Resistance Levels
Support Zone 1 | 44073.32 |
Support Zone 2 | 41144.87 |
1 Hour Timeframe
- Price is consolidating inside an ascending range between 44683-46970.
- Multiple Fibonacci retracement levels are clustered in this zone providing resistance.
- Range high and mid range at 46970-45822 act as resistance for any potential upside break.
- Support is seen at the lower bound of 44600 with stronger support around 44683.
Support and Resistance Levels
Support Zone 1 | 44600.00 |
Resistance Zone 1 | 47248.99 |
Fibonacci Retracement Levels
0.382 | 46587.18 |
0.50 | 46246.26 |
0.618 | 45903.56 |
0.786 | 45419.53 |
0.882 | 45140.43 |
Range Zone
Range High | Mid Range | Range Low |
46970.95 | 45822.77 | 44683.09 |