The fall from the 58354.14 weekly high of 21 February is extending, with prices now pressuring the 43577.07 Fibonacci retracement.
Intraday studies and daily stochastics are oversold, suggesting short-term consolidation around here, but the proprietary Tension Indicator continues to track lower, suggesting further downside risks in the coming sessions.
A close below 43577.07 will add extra weight to sentiment and open up the 42000 monthly high of 8 January.
Risk, however, is for further slippage towards the 40089.68 retracement and 40000, before rising weekly charts prompt fresh consolidation.
Meanwhile, a break above 48000 would help to improve sentiment and delay downside risks. Subsequent focus would then turn to 52000.
Intraday studies and daily stochastics are oversold, suggesting short-term consolidation around here, but the proprietary Tension Indicator continues to track lower, suggesting further downside risks in the coming sessions.
A close below 43577.07 will add extra weight to sentiment and open up the 42000 monthly high of 8 January.
Risk, however, is for further slippage towards the 40089.68 retracement and 40000, before rising weekly charts prompt fresh consolidation.
Meanwhile, a break above 48000 would help to improve sentiment and delay downside risks. Subsequent focus would then turn to 52000.