It has been observed that the price action is breaking out of channel pattern and shall further move up to resistance zone .
SL - 420
Confirmed breakout, now a good rally can be seen. Regards
Which Initially looked like a convincing breakout, turned out to be a failed one.
Here is an updated look on the chart,
In next session, if hourly chart closes below 420 then it shall further dip to strong support of 400 levels.
As we could see in last few sessions that the price action did not close below 420 levels on hourly chart which kept the support intact and now today the price action finally breaches above the downward channel indicating further higher movement.
@aybamasa, Yes, it did touch the support zone of 420-415 but it held above 420 levels. On monday, if the hourly candle closes below 420-415 levels then it shall further touch the strong support of 400 as shown in updated chart. Thanks