We had 3days of clean bell balance and buyers closed at higher quad. They needed gap or drive.They got open auction and held above 3days composite..Sustaining 17850 was for 17950 which they got in IB then later push above 17950 was marked for 18040/18100. They tagged 18040 then failed above it. Back in balance of last 3days did a swipe down to other end of balance then closed below dVAL.
Event day - Budget session ended as ,
Neutral extreme down day
FA at top with double print selling tail
Outside day
4IB down day
Large volume and wide range day.
Sellers dominant info all above.Usually above info suggests some few sessions of balance.But, today's failure from buyers with clean extn handle at 17950 going on same session and moving down to other end of balance with ease i.e, roation factor was clean and not kind of stretched suggests, buyers may feel more heat in coming sessions. 17420-17450 if saved tomorrow then we may see few sessions of balance then move down later else looking for one more leg down before any bounce.
17950 now solid ref upside..Staying below this looking for sideways to down move to continue.
We got single prints at low today and to make them as tail, they need to defend single prints and move above 17825 to confirm as tail which could give some relief for few sessions for buyers. Till then odds of retesting that single prints zone is there for next session i.e, retest below 17600.
Looking for 17540-17660-17780 kind of overlap session next and whichever sustains could push further..Below 17540 for 17490/17450/17400/17350-17325. Above 17780 for 17825/17860/17890-17910/17950.
Swing resistance suggested 17950 and any whip means max 18050 expected and considered that zone for reversal if sustains.They tested 18050 only to swipe but could not sustain and moved down. Same bias of sideways to down staying below 17950 for 17450/17325/17200/17050.If 17950 goes means neutral view and reversal view could wait.Not expecting the same sooner.
Charts and data :
Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.
Notes :
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