Many people ask me how to find a crucial support area now this it a perfect example of it , It is not an recommendation It is just an observation.
If you see here the zone of 1250 to 1260 is a crucial support zone which is tested for more than four times.
The overall trend of this stack looks sideways.
This is a perfect scene if you find and trade a reversal...
It has made a Bearish Harmonic Bat in daily time frame. It could retrace till 1200/1175/1100 provided it does not start sustaining above 1270 once again.
Harmonic Patterns are derived from Fibonacci Ratios when each angle of retracement aligns to confirm a reversal probability of 38-50-62 % of the existing trend.