Price is currently back in a Ranging structure on the one hour time frame.
Following the formation of a fresh consolidation, Range Top is 1912 while Range Bottom is 1888.
Sellers were unable to take full advantage of the Bearish Day Pin Bar in the previous trading session.
Moreover, Sellers were unable to close price below the 1888 area.
A break of the current high 1912 will take price to 1919 area (Resistance 2).
Sellers will now focus on pushing price down below the Support 1 area (1888 area).
The Pivot point 1896.05, is currently below closing price (closing price is 1896.35).
1874 zone may serve as a support if price decides to head South.
Technically, the Bulls are currently in control as every dip in price will be used as a Buying point by the Bulls.
However, Sellers will need to break the immediate Support zone first (1888 area).
That said, Bulls have already doubled the reinforcement below Support 1 at 1888 zone, ready to defend it.
We believe that the 1888 zone may continue to serve as a major support near term.
The 200 Simple Moving Average SMA is currently below price at the 1880 area.
It (200 SMA) is also turning up at a much faster rate towards price.
Levels to watch on 1hr time frame:
Resistance: 1903, 1911, and 1919.
Support: 1888, 1880, 1873, and 1865.
4 hr Time Frame:
In this section, we will be analyzing the Golden Cross on the 4 hour time frame.
Currently on the 4 hour time frame, the Golden Cross is running as the 50 SMA crossed above the 200 SMA at 1729 area.
Bulls took advantage of this Cross back then (15th April 2021), and it is currently a leverage for the Bulls.
Price is currently above the 50 SMA after bouncing off at the Area of Value, 1811 zone.
The effect of the Bullish Golden Cross is still strong. Price may see more upside movement as a result of this.
Price is now rising High.
The 50 SMA is currently at 1882 area while the 200 SMA is at 1812 level on the 4 hour time frame.
Sellers may have some level of hope if by chance, price drops and close below the 50 SMA.
Daily Time Frame:
Market opened at 1897.32 just above previous day pivot (previous day pivot is 1896.05).
Bears may want to take advantage of this to push price downward by the end of the day.
Technically, we currently have a Bullish market structure which is visible on the Daily chart.
Daily price is currently printing Higher High, Higher Low levels.
Price is also moving in an ascending channel.
Previous High/Resistance (1890 level) is currently serving as Support to price.