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Region of 31770 looks to be formidable region for any buying expectation. Failed to challenge above the same may grab prices lower to 31350 followed by 31160.
Pattern break out and MACD negative cross over suggesting a possible weakness in the coming session towards 36100 followed by 35780. On the other hand, retreating trades above previous day candle high of 36580 may dent our bearish sentiments.
Weakness may persist in the coming session towards the immediate price objective of 4402 then to internal trend line support of 4365. In this dreary picture, a solid move above 4465 could lift prices higher.
Intraday move largely to be south bound as long as prices remain below 188.40 and such weakening trades may find support at Bollinger middle band level of 181.60 or even lower. But decisive trades above 188.40 could lift prices higher.
Recent support level break out and the indicators signals further weakness in the coming session towards 419.50 followed by Bollinger lower band level of 417.40. However, reclaiming trades above 425.50 could boost prices higher.
Substantial trades above the Bollinger middle band level of 848 may lift prices higher to 862 and to 871. Failed attempts to sustain above 848 may push prices lower to 828.
Intraday recovery could see only above the internal trend line resistance of 190 region. Inability to succeed above 190 may grab prices lower to 186.60 or even lower. But sturdy trades above 190 may cajole fresh recovery towards the SMA level 190.60 and to 193.
Falling wedge pattern Is clearly visible and which indicates a bullish move. However for intraday, as long as internal trend line support of 125.20 region remain untouched could call a recovery move towards 127.20 then to 128.50 region. On the other hand, further weakness may be seen only below 125.20.
Prices clearly floating in the trend channel on wide angle. However for intraday, if price hold the Bollinger lower band level of 122.25 region could call a mild recovery for intraday towards 124.60/125.80. Further weakness may be seen only below 122.25.
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