BN opened at 37954 & closed at 37999 almost flat. But the intraday moves were quite noticeable. The first 5mts candle opened right at the resistance level, zig zagged and then closed with a minor gain. The 3rd candle took BN back to the support resistance line and it did not bounce. BN fell below the SR line and almost traded the entire day below that.
The resistance level of 37946 was only conclusively broken at 15.00 and the final closing momentum was quite bullish.
BN did show some price action moves at 37725 levels from where it bounced thrice today. This is not in my list of support/resistance but if the BN makes further contact at this level - then will get it added as a SR level.
The 5mts candle of the previous days when read as a whole does not show a reversal. The upward momentum may be in place.
The W pattern has been indicated on the 1hr chart. Usually its a bullish signal - but only further price movements above the resistance line will confirm the same.
Important Support & Resistance levels
s1: 37946, s2: 37251
r1: 38701, r2: 39325
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