Price is being held down by its descending resistance line where we look to sell below its resistance at 6914 (38.2% Fibonacci retracement). We expect price to push down all the way to its support at 5835 (61.8% Fibonacci extension, horizontal swing low support). We do need to be cautious about the intermediate support at 6422 (61.8% Fibonacci extension, horizontal swing low).
RSI (89) is being held down by the same descending resistance line which contributes to our bearish bias.
RSI (89) is being held down by the same descending resistance line which contributes to our bearish bias.