Hourly chat formation – price-RSI divergence
Resistance – 6418.25-6430, 6447.30, 6502
Support – 6355, 6307.28, 6261.71
- Bearish price-RSI divergence and oil price drop means index could drop to hourly 50-MA level of 6355 levels. A break lower could yield 6307.28
- Bears need to view this as a correction as daily at 68.00 indicates there is still room for further upside in the pair. Hence, fresh demand could be anticipated on drips and invalidation is seen only if the day end closing is below 200-DMA level of 6206 levels.