The inclines seen after placing 36.62 low for yesterday’s trading is just a corrective action, as we see weakness on RSI along with stability below 50.00 levels and coverage from moving averages.
We may witness string fluctuation due to oversold on bigger time frames, but stable moves below 37.75 will keep the bearishness valid.
For short-term trading, 40.55 is the key to keep the bearish actions available and preferably below 39.25.
Support: 37.75 – 37.35 – 36.60
Resistance: 38.60 – 39.25 – 40.55
Direction: Bearish