1) Weekly – Previous week candle has a bigger wick at the bottom indicating buying momentum at the lower levels
This week candle seems to be an inside candle to the previous week candle. Need to wait for today's closing to conclude on this.
2) Daily indicates – 19450 to 19500 is a strong support area. There is a hammer at the Trendline followed by a confirmation candle of yesterday, can’t be ignored.
For any further down move to continue on the positional basis, there must be a daily close less than 19530.
Intraday analysis
1) 4H candles indicate wicks at the bottom at the Trendline supply zone indicating that sell orders are being absorbed at the supply levels at the same time there is buying at 19490-19530 region every time price hits there.
2) 30 Minutes indicate that, the selling is too strong till now, the size of the red candles is too big compared to the green ones and one red candle has covered a minimum of 2 green candles, the green candles formed in the last 30 mins are weak ones.
3) There has been an excellent price compression in the 15 minutes and 5 minutes time frame, so will wait for the price action to go long/short after 10 AM.
Supply and Demand zones have been marked.
Happy trading !
