BN opened at 37594 and within the first 5mts itself it fell to the support line of 37501. After spending close to 4 candles around that level - BN pick up support and started rallying. The rally was quite strong for the day with almost a 45% slope with very minor or negligible pull back. The final 6 candles were spent near the resistance line of 37946.
BN did not break the resistance line today, may be the buying momentum would have faded towards the last 1 hour. Today's price action shows strength, even the BN components were exhibiting strong momentum.
The 5mts candle from the previous days shows the upward trend with the BN respecting each support and resistance levels. There has been no major pullback yet - The price action of last working day indicated that an interim top would have been made - but today's price action contradicts that move.
The 1hr time frame of the previous days shows a W style or double bottom formation. There could be a strong upward gap up or momentum if 38000 is taken out. Although the charts suggest bullish stance - the fundamental macros are not supportive of an upmove towards the ATH
Important support & resistance points
s1: 37501, s2: 37247
r1: 37948, r2: 38701
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