Market Structure Observations:
Strong Uptrend: Since the low of 74,436.67, the price has been forming higher highs and higher lows, indicating bullish momentum.
Resistance Zone: The price hit 105,747.46 and is currently consolidating just below that level.
Support Level: Around 95,832 — previous resistance now acting as support.
Volume: Volume spiked during the rally but is slightly decreasing in the consolidation phase — typical in a potential bull flag.
Signal Breakdown:
Bullish Signals:
Flag/Continuation Pattern: Current sideways action near the top after a strong rally suggests a potential bullish flag or ascending triangle — bullish continuation if breakout occurs.
Momentum intact: As long as price holds above ~95,800, the bulls remain in control.
No lower low formed: Pullbacks are mild, and the trend is still intact.
Bearish Warnings:
Double Top Risk: If the price fails to break above 105,747.46 again, a double top may form.
Bearish Divergence: Not visible here, but if indicators like RSI were added, you'd check for weakening momentum.
Actionable Signals:
Bullish Entry:
Wait for a breakout above 105,747 with strong volume.
Conservative entry on pullback to 95,800 support if it holds.
Bearish Signal:
Breakdown below 95,800 with high volume could signal trend reversal or deeper pullback.
First major support below would be near 84,300.