It was 3-1-3 profile with tail at both ends after a long liquidation day.Supply was holding auction still at close and imbalance session expected next.They got large gap down and bounce failed to close gap and clearing IBL lead to all day down auction then closed at lows.
Triple disbn trend down day.
Gap down and double print selling tail. 25740 immediate swing res and 25900 reversal level now.
Auction looks incomplete at low.Prefer to have one more push down to 25390-25375 which is the zone they need to hold for sharp rally then could come down later again.Rally should hold below 25740.Clears that means more push upside before coming down.Failing to hold around 25375 calls for more liquidation down towards 25290/25220 and more.
Levels wise for next session, staying below 25540-25560 looking for overlap in lower disbn to test 25440/25410/25380 and bounce..Staying below 25375 calls for 25350-25335/25305-25290/25250/25220-25200. Failing to stay below 25395 and move above 25485 could get 25520/25555 and squeeze above 25560 for 25595/25635 reject else 25665/25690 and more bullish above this for 25725-735/25760-25775.
Charts and data :
Notes :
a) Check glossary page in website if any of the terms used in the post are not clear.
b) If images are not clear, click on them for enlarged view.
Comments