Buyers met with exhaustion at top in last session after drive from IB..We had a open today in buying tail zone and considered weak below 22550 for 22520/22490 and below..This got whipped with a move back to POC of last session after open later pushed below 22550 to get 22520 swipe.Left tail at low then remained as bell balance all session to close at dVAH..
Lack of demand all day and value in buying tail of last session is weakness..
3-1-3 profile with tail at both ends and bell balance..Buyers failing to sustain above VAH could move back to VAL and staying below that could lead to liquidation..
Acceptance above VAH could test PDH if sustains more squeeze possible..
Swing wise wise 22640-22660 good res till we get 22460-22440 zone probe minimum as discussed in commentary.
Levels wise, move above 22585 could get 22610-22620/22645-22650 if sustains 22660 then 22690/22720-22740.Move below 22530 could get 22505-22490/22460-22450 then bounce..If stays below 22440 then 22415/22375/22350/22320 possible.
Charts and data :
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