After breaking the trend line, it got a resistance from 46k level which is also a 38% fib retracement area. If we are breaking 40500 level, we may retest the trend line which is 34500-35000 level. it will be invalid if we get a closing above 47k.
Below 38150 level ( which is also 38.2% retracement level as well), it will open door for 37200-37300 levels. If things get better then it may try to get some support on the upper end of the downward channel, which is around 37800 level. If 37800 is breaking then 37200 would be next support area.
Anything below 17300, will open the path towards 17150 and if that is also broken then 17050 level may come. As you can see that the upward channel is going to break, so there is a possibility of retesting the downward channel and 200 EMA level which around 16600-16700 level. Things can be reversed above 17650 closing.
