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The candle structure during the last session (at the 0.618%) reflects an attempt by bulls to reclaim control of price action. Downside risk will be strong on offers around the 4628 level while prints into the 4693-4713 level could serve as a strong rejection area. The price remains below it’s 8 and 2-day EMA which suggests the index no longer in an active bullish sequence. Opportunistic buy zone is 4500-4527. DAILY CHART.
The candle structure during the last session (at the 0.618%) reflects an attempt by bulls to reclaim control of price action. Downside risk will be strong on offers around the 4628 level while prints into the 4693-4713 level could serve as a strong rejection area. The price remains below it’s 8 and 2-day EMA which suggests the index no longer in an active bullish sequence. Opportunistic buy zone is 4500-4527. DAILY CHART.