We have been seeing a continuous spike in price. The price has come to a consolidation point. From here the price may go up or down. if the price breaks out 37500 then a fall is to be expected and target would be 37223.60.
One day candle shows a clear consolidation.
There is a major support and resistance.
Support at 1916.006 and Resistance at 1938.818.
The Blue and Red arrows indicates the number of rejections as support and resistance respectively.
If the price breaks the support levels then the price will fall to a target at it next support level 1907.043 and further down to...
Here the market appears to be bearish.
We will be looking at both scenarios.
So on the chart,
Scenario 1: Long Position.
Based on Fibonacci Retracement and Trendline the possible resistance breakout point would be around 37850 with an SL of around 37750 and the expected target would be around 38100.
The Scenario 2: Short Position
Based on the Fibonacci...
