Tuesday 4th February

The daily chart maintains a bullish longer-term bias, with the price extending its rally above key moving averages and trading at fresh highs. The 14-day SMA (blue) at 21,332 serves as immediate resistance, marking the most recent high, while the next significant upside target is around 22,000, aligning with the psychological round number. The 50-day SMA (pink) at 20,371 provides the first layer of dynamic support, followed by 19,676, a historically significant price level. The 200-day SMA (green) at 19,072 remains well below, confirming the strong uptrend. However, the Stochastic Momentum Index is in overbought territory at 55.34% and turning lower, suggesting that momentum may be weakening, which could lead to a near-term pullback or consolidation. A deeper correction could see a test of 20,371, but as long as the price remains above the 50-day SMA, the broader trend remains intact. Traders looking for long entries should consider buying dips toward 20,371, with a stop loss below 19,676 to protect against trend reversal.

The 4-hour chart presents a neutral short-term outlook, as the recent price action shows increased volatility following a strong rally. The price recently dipped below the 14-period SMA (blue) but rebounded, showing signs of resilience, yet the Stochastic Momentum Index remains weak at 19.13%, suggesting that upward momentum is not yet fully restored. The 50-period SMA (pink) at 21,482 is immediate resistance, with a break above this level needed to confirm further upside toward 22,000. On the downside, support is seen at 20,608, aligning with the 200-period SMA (green), which serves as a key level for trend confirmation. If this level is breached, further downside toward 19,676 is likely. Given the neutral setup, traders should wait for a clear break above 21,482 for bullish continuation or a drop below 20,608 for confirmation of a deeper retracement. Stop losses should be placed below 19,676 for long positions and above 22,000 for short setups to manage risk effectively.

Monday 3rd February

The daily chart continues to exhibit a strong bullish trend, with price action consistently trading above the key moving averages, reinforcing an uptrend structure. The 14-day moving average (blue line) is providing dynamic support near 21,244, with the 50-day moving average (pink line) at 20,316 acting as a secondary support level. The long-term trend remains intact as the price remains well above the 200-day moving average (green line) at 19,052. The recent rally has seen a sharp extension, leading to overbought conditions on the Stochastic Momentum Index, currently declining from elevated levels, which suggests that a short-term pullback or consolidation may be imminent. Despite the strong trend, traders should be cautious of potential mean reversion towards the 20,316 level, where a healthy retracement could provide renewed buying opportunities. If the price sustains momentum above 21,244, the next upside target lies at 22,000, aligning with the current trajectory. However, a breakdown below 20,316 could trigger a larger corrective move towards 19,676, which remains a significant support zone. A stop loss below 19,676 is advisable for long positions to protect against deeper pullbacks.

The 4-hour chart signals a shift towards a bearish short-term outlook, as price action has aggressively pulled back from recent highs, breaking below the 14-period moving average (blue line) and testing the 50-period moving average (pink line) at 21,459. This breakdown suggests increased short-term selling pressure, with further downside risk towards 20,575, where the 200-period moving average (green line) could provide interim support. The Stochastic Momentum Index has turned sharply lower, reaching deeply oversold conditions, indicating that a temporary bounce may occur, but momentum remains weak. If the price fails to reclaim 21,459 in the short term, bearish pressure is likely to persist, targeting 20,575 next, with a potential extension towards 19,676 if weakness accelerates. Conversely, a recovery above 21,649 would negate the near-term bearish bias and signal a resumption of the broader uptrend. Traders looking to trade in the direction of the short-term downtrend should consider stops above 21,649 to protect against a reversal.

Friday 31st January

The daily chart maintains a bullish longer-term outlook as price continues to push higher in an extended uptrend, currently trading well above the key moving averages. The 14-day SMA (blue) is acting as dynamic support, reinforcing the strength of the trend, while the 50-day SMA (pink) at 20,278 remains a key medium-term support level. The 200-day SMA (green) at 19,036 is far below the current price, indicating that the broader uptrend remains intact. However, the Stochastic Momentum Index (SMI) at 81.53% is in overbought territory, suggesting that a near-term consolidation or pullback could be likely before further upside. A breakout above 21,200 could see a continuation toward 21,800, while failure to hold above 20,278 could result in a deeper retracement toward 19,676. Traders should consider stop-loss levels below 20,278 for long positions to protect against potential pullbacks.

The 4-hour chart presents a neutral short-term outlook as price action shows signs of slowing momentum near resistance. The uptrend remains intact with the price continuing to trade above the 14-period SMA (blue) and 50-period SMA (pink), but the steep incline suggests an overextension. The 200-period SMA (green) at 20,525 provides strong underlying support in the event of a pullback. The Stochastic Momentum Index at 78.10% is nearing overbought conditions, indicating potential exhaustion in the current move. A break above 21,625 could reinforce bullish momentum toward 21,900, while failure to hold 21,370 may see a corrective move toward 20,525. Caution is advised, as momentum indicators suggest a potential pullback. A stop-loss below 21,370 is recommended for long positions, while short trades should be placed with a stop above 21,625 to mitigate risk.