Below is a quick, high-level read on what the chart suggests for1. Recent Downward Momentum
Price has clearly dropped from a swing high (around the mid‑21,400s to 21,480 area) and is now trading in the low 21,300s.
The series of lower highs on the way down suggests near-term bearish pressure or at least a corrective pullback.
2. Key Support Zones
There’s a notable support band around 21,280 – 21,250 (green boxes/lines on your chart). This area appears to have propped the market up once already.
Below that, the next region of interest is near 21,200 – 21,180, which may act as a secondary support if the first zone fails.
3. Overhead Resistance
Near-term resistance looks to be the 21,360 – 21,400 zone. The market rejected in that region not long ago.
A break and hold above 21,400 could indicate buyers are regaining control, potentially setting up a run toward prior swing levels in the 21,450–21,480 range.
4. Volume Profile Observations
There’s heavier volume around the mid-21,200s and again in the upper 21,300s/21,400 region. These are likely to remain “hot spots” where price may stall or pivot due to heavier trading activity.
The 21,250–21,280 band also shows a fair amount of transactional volume, reinforcing that support zone.
5. Short-Term Bias
As long as price stays below the 21,360–21,400 ceiling, the immediate tilt is mildly bearish or consolidative, leaning negative.
If bulls manage a strong push above 21,400, it would suggest short-term buyers are stepping in; failing that, watch for a retest of the 21,250 zone or potentially the 21,200 handle.
Bottom Line
Short-Term Bearish Bias: Lower highs and a clear downward swing off recent highs.
Immediate Supports: 21,280 → then 21,250 → deeper support near 21,200.
Immediate Resistances: 21,360 → 21,400 → beyond that, 21,450+.
Keep an eye on how price reacts at those volume-rich zones—if momentum breaks above 21,400, that could quickly shift sentiment more bullish in the immediate term. If support near 21,280/21,250 fails, expect a further leg down.
