After narrow range + lower volume in last session, buyers if wanted to move higher expected them to defend 19620 and sustain higher above 19665..They gone for that attempt with 19620 low in open auction but could not sustain higher above 19665 then gone for IBL swipe to get last session VAL, then remained in value area all day to close at dPOC.
Inside day with narrow range and lower volume session.
2days composite closing with dPOC skew down.
As pullback was happening last two sessions with mechanical auction, buyers next needed to clear 19665 to continue this slow drag. Close was disadvantage buyers as they could not clear that 19665 res zone..Staying below 19665 weakness to repair those poor value areas down.
Levels wise for next session, below 19600 could get 19575/19550-19535 if sustains 19530 then 19500/19480/19450/19420 possible. Not able to stay below 19530 and move above 19585 could get 19610 if sustains 19640-19650 possible and further bullish above 19665 for 19695-19705/19735/19760.
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 :
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.
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