At the present price of 48200, Daily chart gives both way Trade opportunities for Traders.
Bearish scenario:
Today’s low is 41967.5; which is near -1.618% ratios 41483.85. (somewhere today’s low is 41119.58)
For now, 41k-41.5K act as support, it will provide bounce towards 50525.23/51224.02 and this bounce could be a short opportunity for further downside towards 30956 (-2.618%ratio).
Remember this 30956 level might be reversal for intermediate term.
Bullish scenario:
Two consecutive Day close above 51224.02 would be confirmation that low has been seen and we are heading towards 65154/74195.55/74540 levels smoothly.
Today’s closing is significant; Two consecutive Day close below 45813 may be direct hit our downside Target 30956.
Conclusion : Rang bound trade may be seen between 41K and 51K, in coming session before breakdown or breakout price action confirmation and this will define by zone 51224-54359.
Upper band of zone 54359, act as pivotal and Trend dictator point for whole month, it should be stop level of any short trade.
I’m bullish for 74540, just saying.
So, respect levels and act accordingly.
