Intraday bias and key resistance level

Market participants should remain cautious, as false breakouts are common in corrective phases. A failure to hold above key resistance levels could result in renewed selling pressure, bringing the downside scenario back into focus. Monitoring volume and momentum indicators will be crucial in assessing the strength of any breakout and confirming whether a true trend reversal is underway.

Traders should be cautious of any short-term spikes above resistance, as sustained buying pressure is needed to confirm a recovery. Until then, the market remains in a wait-and-see mode, with a bearish tilt prevailing.

The market remains in a neutral stance intraday but leans bearish as long as the 151.29 level remains intact.

The recent decline from 158.86 has shaped a corrective pattern, with price movements suggesting a continuation of this trend. Traders will be closely watching for further signs of bearish activity, as failure to break above 151.29 would reinforce the likelihood of another downward leg within the overall structure.

Critical support levels and potential declines

A sustained move above 151.29 would signal a shift in market sentiment, potentially invalidating the current bearish outlook. A breakout at this level would indicate growing bullish momentum, setting the stage for a stronger recovery. Traders would likely interpret this as an early sign of a trend reversal, leading to increased buying interest.

Intraday bias remains neutral for now, with price action consolidating within a tight range. As long as the 151.29 resistance holds, selling pressure is expected to persist, keeping the broader downtrend intact. This level serves as a key barrier to any immediate recovery attempts, acting as a cap on bullish momentum.

• A break below 148.08 would confirm a deeper pullback.
• The 146.32 Fibonacci retracement level is a crucial downside target.
• A decisive move under 146.32 would expose the 139.57 low, reinforcing the broader downtrend.

Short-term fluctuations may still occur within the current range; however, unless buyers can push beyond this key resistance, the broader corrective phase will likely remain in play.

Upside breakout and recovery scenarios

Traders should monitor price action closely around these levels, as failure to hold above key supports could accelerate bearish momentum. Additionally, market sentiment and external economic factors may influence the pace of the decline, making risk management essential in navigating potential volatility.

Intraday bias remains neutral for now, with price action consolidating within a tight range. The key resistance to watch is 151.29, which currently caps any upside attempts. As long as this level holds, the broader bearish outlook remains intact.

• A confirmed break above 151.29 would shift sentiment in favor of buyers.
• The next resistance levels to watch are 154.50 and 158.86.
• A sustained move beyond 158.86 could signal a continuation toward 161.00.

The next critical level to watch is the 61.8% Fibonacci retracement of the 139.57 to 158.86 rise, located at 146.32. This level represents a key technical area where buyers may attempt to regain control. However, if selling pressure persists and this support fails to hold, the door would open for an extended decline toward the 139.57 low.

Intraday bias and key resistance levels

Traders should closely monitor price action around these key levels, as they will provide critical signals for the next directional move. A break in either direction could lead to increased volatility and fresh trading opportunities.

On the flip side, a rebound above 151.29 could trigger a shift in sentiment, putting the focus back on the upside. A strong break above this resistance would likely pave the way for a recovery towards the 156.50 region, with further gains possible toward the 158.86 high.

If sellers gain momentum and push prices beyond 146.32, the next downside target comes in at the prior swing low of 139.57. A sustained break below this level would indicate a deeper correction, potentially shifting the broader trend in favor of the bears.

Potential downside targets and recovery signals

A break below 148.08 would reaffirm the bearish outlook, bringing the focus to the crucial 61.8% Fibonacci retracement level of the 139.57 to 158.86 rise, which stands at 146.32. This level is a key technical support, and a decisive move below it could accelerate selling pressure.

A break below the 148.08 support level would confirm the continuation of the decline, shifting focus toward deeper retracement levels. This level has previously provided stability, but a decisive breach would strengthen bearish momentum, increasing the likelihood of further losses.

The decline from 158.86 is still in play, forming what appears to be the third leg of a corrective movement from the 171.96 high. Sellers will likely remain in control unless a decisive break above 151.29 occurs, which would indicate a shift in momentum.

The next key resistance would emerge around the 154.50 region, a level that has previously acted as a turning point. A break above this threshold would further reinforce the bullish case, paving the way for a retest of the 158.86 high. If buyers sustain momentum beyond this point, attention would shift toward the broader resistance zone near 161.00, which aligns with the previous structural highs.