Support Levels:
1. 42500: This is the initial support level. If the market breaks below this level, it could signal a potential further decline.
2. 42142: This is another support level to watch for in case of a breakdown below 42500.
Resistance Levels:
1. 42825: This is the first resistance level. If the market reaches this level, it may encounter selling pressure.
2. 43097 to 43146: This is a critical resistance zone. A breakout above this range could indicate an upside rally.
3. 43146: A break above this level is important for a sustained upward move.
Important Notes:
- While support and resistance levels are useful tools in trading, other factors, such as news events, economic data, and global events, can also significantly influence market behavior.
- Market conditions can change quickly, and it's essential to have a well-defined strategy and use risk management tools like stop-loss orders to manage potential losses.
- Be cautious when trading around key levels, as market volatility can increase during such times.
1. 42500: This is the initial support level. If the market breaks below this level, it could signal a potential further decline.
2. 42142: This is another support level to watch for in case of a breakdown below 42500.
Resistance Levels:
1. 42825: This is the first resistance level. If the market reaches this level, it may encounter selling pressure.
2. 43097 to 43146: This is a critical resistance zone. A breakout above this range could indicate an upside rally.
3. 43146: A break above this level is important for a sustained upward move.
Important Notes:
- While support and resistance levels are useful tools in trading, other factors, such as news events, economic data, and global events, can also significantly influence market behavior.
- Market conditions can change quickly, and it's essential to have a well-defined strategy and use risk management tools like stop-loss orders to manage potential losses.
- Be cautious when trading around key levels, as market volatility can increase during such times.