Key Observations:
1. Moving Averages (MA):
MA(7) (Yellow): 94,312.04
MA(25) (Pink): 97,754.40
MA(99) (Purple): 96,326.83
The shorter-term MA(7) is below both MA(25) and MA(99), indicating a bearish crossover, which often suggests downward momentum.
2. Price Action:
The price recently fell sharply from a high of 108,353 to a low of 91,530.45.
After the drop, a minor recovery is visible, but the price is currently trading near 93,001.62, below the MA(7).
3. Volume Analysis:
High selling volume during the price drop suggests strong bearish pressure.
Recent candles show reduced volume, indicating consolidation or hesitation among traders.
4. Trend Analysis:
The price is below the MA(25) and MA(99), confirming a bearish trend.
Lower highs and lower lows further support the downward trajectory.
How to Analyze and Trade:
1. Identifying the Trend:
A bearish trend is evident from the moving averages and price action.
If the price fails to reclaim the MA(7) or MA(25), the downward trend is likely to continue.
2. Key Levels to Watch:
Support Levels: 91,530.45 (recent low), 90,689.32 (psychological level).
Resistance Levels: 94,390.28 (MA(7)), 96,326.83 (MA(99)).
