As the market opened on 13 August, it gapped up above Resistance #1, directly entering the premium zone. The resistance, marked as (1), has now turned into support.
Following this, point (2) shows that the remaining supply zones were tested. However, the price did not break the day’s low of 24,538 and instead formed a swing structure favoring the long side. Based on this, our bias for tomorrow remains bullish.
Towards the close, the price tested the top supply zone on the 15-minute chart and showed signs of a pullback. This suggests that the price is likely to retrace into the new demand zone, which lies around the 24,583–24,538 area.
The strong low formed on 13 August is expected to hold. However, since the market is dynamic, it is best to wait for the price to enter the zone and reject bearish pressure before making any moves.
Following this, point (2) shows that the remaining supply zones were tested. However, the price did not break the day’s low of 24,538 and instead formed a swing structure favoring the long side. Based on this, our bias for tomorrow remains bullish.
Towards the close, the price tested the top supply zone on the 15-minute chart and showed signs of a pullback. This suggests that the price is likely to retrace into the new demand zone, which lies around the 24,583–24,538 area.
The strong low formed on 13 August is expected to hold. However, since the market is dynamic, it is best to wait for the price to enter the zone and reject bearish pressure before making any moves.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.