Breakout or Rejection at Key Resistance

Support and Resistance Levels:
Resistance: 19,856.6 is a key level where the price has recently been rejected.

Support: 19,146.4 is a major support, with an intermediate level at 19,516.0 acting as a pivot point.

Trend and Structure:
The price has broken a descending trendline (white dotted line), suggesting a potential trend reversal from bearish to bullish.

Currently, the price is consolidating between 19,516.0 and 19,856.6, indicating indecision.

Indicators:
EMA 200 (Daily): The price is below the EMA 200 (19,856.0), indicating that the long-term trend remains bearish until the price sustains above this level.

Fibonacci: The 138% / 50% Fibonacci retracement level (18,950.0) has acted as support in the recent past.

Bullish Scenario:
If the price breaks and holds above 19,516.0 with volume, it could target the resistance at 19,856.6.

A confirmed break above 19,856.6 (with a close above the EMA 200) could signal bullish momentum toward 20,000 or higher.

Bearish Scenario:
If the price fails to hold above 19,516.0 and breaks lower, the next key support is at 19,146.4.

A drop below 19,146.4 could push the price toward 18,950.0 (Fibonacci level).

Recommendation:
Long Entry: Wait for a confirmed break above 19,516.0 with a strong close and volume. Target: 19,856.6. Stop-loss below 19,400.0.

Short Entry: If the price rejects 19,516.0, consider a short with a target at 19,146.4. Stop-loss above 19,600.0.

Monitor volume and price action near the EMA 200 for trend confirmation.

Note: This analysis is for informational purposes only and not financial advice. Adjust based on your strategy and risk management.