BN opened at 36688 almost same as yesterday's close. The first 5mts candle itself was very bearish, almost a drop of 150pts. The successive candles were also bearish and the support of 36558 was taken out very easily. The selling momentum only came to a halt at the 36350 level.
BN traded between 36350 to 36550 level right after the bounce. Also note that the support of 36558 now became the resistance and BN was struggling to cross it. The final close was also at this new found support at 36350
I have marked 2 green arrows - they do not symbolize anything on the chart. Its just to indicate the upper and lower true range on a daily basis for internal reference.
5mts timeframe for a period of 3 to 4 days shows an interim top formation (or a double top). But the price action does not confirm if its a reversal or consolidation.
The 1hr timeframe shows BN may be falling back to the slopping trend line. If it closes below the same and tends to travel further south - the we can confirm the trend continuation (downside). If we exclude the slopping trend lines - the chart pattern shows a sideways movement with no clear direction.
Important support & resistance level
s1: 36175, s2: 35721
r1: 36558, r2: 37251
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