Weekly Technical Outlook 18 Mar - 22 Mar

As long as the price is below 39000 level, the outlook remains Bearish and the fall from 43355 is still expected to continue; price move in upwards direction should be seen as corrective. This means, immediately we may see some upside moves but the price needs to break 39000 and hold to change the view from Bearish to Bullish. Below 37250 level will target 36000 psychological level. Look very carefully for a bottoming signal in this zone. Meanwhile, a break and hold of current resistance of 39000 will indicate a short term bottoming at the levels mentioned above and bring a rebound. As it is seen previous week, the price is fighting its way back to upside, and has broken some resistances and holding the level. To get to 39000 level now it will first have to break 38550 level and hold first. As told before, since the price has fought back its way into the bigger declining channel and seems to be holding as seen in the image, chances are it might test 39000 level. A break of 41000 psychological level is needed to indicate reversal or the risk remains for downside.

Happy Trading :)