Weekly View 06 May - 10 May

Recovery from 31869 kind of lost its momentum last week and found 35845 to be a strong resistance for now that is on its way of any further movement. As anticipated, price traded in a range last week of 35086 and 35845. Longer term view remains Bearish long as price is below 36900 level which is now 78.2 % retracement of the recent fall. Refer to 05May_Weekly Chart.

If we dig down to Daily chart view, price is currently at 35550 level, in between 35845 (61.8%) and 35086 (50%) retracements. If either is broken the price may follow the direction and may test 36900 (78.2%) or 34326 (38.2 %) and 33387 (23.6%) later. Refer to image 05May_Daily chart.

 If we go deeper down to H4 Chart view, the recovery however is still intact with the trend line holding. But the price is very close to 150 SMA at around 35784 . As we've noticed multiple times in the past and which can be seen in the chart image itself that these SMA's could act as very good support or resistance and could trigger bigger movements. Refer to our 05May_H4 chart to clarify this view.

Trade Happy, trade safe :)