Short Market
The market has reached its all time high creating a new higher high which can be treated as a resistance @3941.1 for now. The RSI suggests that the market has been heavily overbought on 30m chart and a recorrection is to be expected.
On 4hr chart the support level 3896.8 is constantly being tested and looks like the market will test this level one more time before making yet another bullish move. If bears break the supp levels expect the market to test zone @3877.7 to 3868.5 supp level.
Else the long move is to be assumed go up to 4017.0.
Supp levels:
3918.0
3894.5 --> getting weak
3877.7 to 3868.5 --> strong supp zone
On 4hr chart the support level 3896.8 is constantly being tested and looks like the market will test this level one more time before making yet another bullish move. If bears break the supp levels expect the market to test zone @3877.7 to 3868.5 supp level.
Else the long move is to be assumed go up to 4017.0.
Supp levels:
3918.0
3894.5 --> getting weak
3877.7 to 3868.5 --> strong supp zone
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