The chart shows a recent correction after a strong bullish move. The price is currently trading around 110,755, with resistance and support levels highlighted.
Resistance Levels:
113,465
116,850
The highlighted blue zone indicates a supply area where sellers may step in again, making it a crucial resistance region.
Support Levels:
103,220 – 103,920
97,720 – 96,615
93,870
91,620
These levels act as potential buying zones if the market continues to pull back.
Outlook
Currently, the market is consolidating after a strong upward move. If the price breaks above 116,850, we could see another bullish rally toward 121,000 – 126,000. However, a failure to hold 110,000 may trigger a deeper correction toward the 103,000 – 97,000 zone.
Conclusion: Traders should watch the 110K level closely for momentum confirmation. A bounce from support can provide bullish opportunities, while a breakdown could extend the correction.
