It has been a week of consolidation were price has been going sideways in the range 10500-11800. There is a Hammer candle still active from Jan 17 when price almost traded the Monthly S1. Overall, trend is bearish both using Ichimoku and MACD, but the last week this hasn't been reflected in pure price action, a situation that can be called bullish pressure. Since price did retest the Cloud after the breakout, it would be normal to see more losses and a continuation down. Thus, the picture is more in line with a deeper correction than an actual shift of trend. What bullish signs are there, except the non trendconfirming price action? We can see the MACD indicator about to make a cross. If price breaks out of the tight range it is in, and close above the 12000 mark, chances are we will see more upside on the back of a bullish MACD signal. Next resistance above 11800 is the 12600 Cloud resistance and S/R level. Bulls would very much like to see a close above the Cloud and the Kijun Sen (white equilibrium line) which would put the upper end of the descending channel in focus, as well as the upper Cloud. A close below the 10500 level from here will again expose the 9000 support level. The quiet price action of late with several dojis will normally result in a moment of increased volatility as built up energy is being released. Volatility has fallen back to the levels we saw 2nd week of Dec last year (ATR(14)) around 1500. This was then a resistance level before volatility increased up till Dec 22. Let's see if it will act support now.