The price is currently trading below a strong resistance zone around 221ā225, where multiple rejections have occurred. This confirms the presence of heavy selling pressure and lack of bullish strength to break higher.
Structurally, the market is forming a lower high after failing to reclaim previous highs near 267, which reinforces a bearish market structure on the higher timeframe. The recent move upward appears to be a retracement into resistance, not a continuation.
Price is also consolidating just above the 201 support level, which is a critical area. A breakdown below this level would likely trigger strong downside momentum.
Key bearish signals:
Repeated rejection from resistance (221 zone)
Weak bullish follow-through
Compression near support ā potential breakdown
Clear lower high formation
Expected scenario:
Breakdown below 201
Move toward 193 ā 180 zone
Extended drop targeting the 148 demand area
Invalidation:
A strong breakout and sustained close above 225 would invalidate the bearish bias and shift momentum back to bullish.