21/07/2024
1-Hour Analysis:
Bearish Scenario: Continuation below 2400.53 could lead to further declines towards 2391.45.
Bullish Scenario: A break and close above 2413.03, followed by sustained movement above the 21 EMA, could indicate a potential bullish reversal.
4-hour analysis:
Bearish Scenario: Continuation below 2401.15 could lead to further declines towards 2391.17. Given the strong bearish momentum, this scenario appears more likely.
Bullish Scenario: A break and close above 2408.97, followed by sustained movement above the 21 EMA, could indicate a potential bullish reversal. However, the price needs to clear multiple resistance levels to confirm this reversal
24-hour Analysis:
Bearish Scenario: Continuation below 2401.15 could lead to further declines towards 2372.02 and potentially to 2327.17, especially if the price stays below the 5-period EMA.
Bullish Scenario: A strong bounce from the current support at 2401.15, leading to a move above 2426.33 and 2450.00, would indicate the resumption of the bullish trend within the ascending channel.