Monday 20th January

The daily chart exhibits a strong bullish bias, with the price in a sustained uptrend trading well above key moving averages. The 200-day SMA (18,877) provides a solid foundation for long-term support, while the price is trading significantly above the 50-day SMA (19,871) and 14-day SMA (20,328). This alignment of moving averages, combined with higher highs and higher lows, confirms the bullish structure. The Stochastic Momentum Index is in overbought territory (70.25%), which warrants caution for potential consolidation or a pullback in the short term, although it does not yet signal a reversal. Immediate resistance is at 20,730, with a breakout likely targeting psychological levels near 21,000. Resistance is at 20,730, with an extension to 21,000 if the rally continues. Support is at 20,164, aligned with recent breakout levels, followed by 19,676 at the previous consolidation zone. Traders should consider long positions on pullbacks to 20,164, targeting 20,730 and beyond, with a stop loss below 19,676 to protect against a deeper correction.

The 4-hour chart shows early signs of bearish divergence as the price continues to climb, but the Stochastic Momentum Index is rolling over from overbought levels (68.66%), indicating waning momentum. The price remains above the 200-period SMA (20,164), confirming the broader uptrend, but the short-term overextension may lead to a pullback or consolidation phase. Resistance at 20,730 has been tested multiple times, and failure to break higher increases the probability of a correction toward key support levels. Resistance is at 20,730, with a further upside target at 21,000 if momentum strengthens. Support is at 20,164, the 200-period SMA, with a deeper target near 19,871, aligned with the 50-period SMA. Short-term traders may consider selling near 20,730, targeting 20,164, with a stop loss above 21,000. Alternatively, bulls should wait for a pullback to 20,164 or a breakout above 20,730 to enter long positions targeting higher levels.

Friday 17th January

The daily chart reflects a strong bullish bias, with the price consistently making higher highs and higher lows, supported by all major moving averages. The 14-day simple moving average (blue line) at 20,192 is providing short-term dynamic support, while the 50-day moving average (pink line) at 19,804 serves as additional support below. The 200-day moving average (green line) at 18,850 underpins the longer-term uptrend and remains well below current price levels. The Stochastic Momentum Index is approaching overbought territory, suggesting that momentum is still strong but could be nearing a phase of consolidation or slight correction. Immediate resistance lies at 21,000, with a breakout above this level targeting 21,500, which marks the next significant upside milestone. On the downside, if the price fails to hold above 20,192, it could decline toward 19,804. The bullish structure remains intact unless the price falls below the 18,850 level, which would signal a deeper retracement. Traders can aim for upside targets near 21,000, with stop losses set below 19,804 to protect against unexpected reversals.

The 4-hour chart indicates a neutral short-term outlook, with the price consolidating after a sharp rally. The price is currently hovering near the 14-period simple moving average (blue line) at 20,515, with the 50-period moving average (pink line) at 20,334 providing additional support. Below these levels, the 200-period moving average (green line) at 20,110 is a critical support zone. While the broader trend remains bullish, the Stochastic Momentum Index has started to turn lower from overbought territory, suggesting that momentum is weakening and a short-term pullback or consolidation may be on the horizon. Immediate support lies at 20,334, with further downside potential toward 20,110 if selling pressure intensifies. Resistance remains at 20,700, and a breakout above this level could reignite bullish momentum toward 21,000. Traders should approach with caution, as the current consolidation phase could resolve in either direction. Stop-loss levels for long trades should be set below 20,110, while short trades can target 20,110, with stops above 20,700.