BN opened at 38111 gap up wrt yesterday's close. The opening was well above the resistance level of 37946 mentioned yesterday. BN did try to move higher, but i think there was huge selling pressure that broke down BN below the support line of 37946. The momentum in selling was so intense that it did not respect the swing low of yesterday.
The selling only stopped on the next level of support 37248 which again was indicated in yesterday's report. It feels great when your marked support and resistance levels are respected - this will help us trade with more confidence.
BN bounced from this support level to almost 50% retracement of the fall today and then closed at 37687.
Today's dip stands out in the 5mts timeframe of the last few days viewed combined. Whether the fall will have any impact can be understood by observing the price action of the next 2 days.
The 1hr chart shows an interim top formation at the 38000 level. For any upward momentum BN has to close above this resistance on a daily basis.
Important Support & Resistance levels
s1: 37253, s2: 36552
r1: 37940, r2: 38692
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