Long liquidation profile closing with minor spike close at low in last session.Staying below 21685-21710 expected to have downside skew..NF opened right at 21710 then started moving up.Above 21710 probe was for 21750/21790 which they did and had good acceptance for long time in yday selling tail zone but then started moving away from upper balance and lead to another liquidation session into close .
Neutral extreme down day with selling tail at top.
Spike down at close..21665-21592 spike zone..Spike rules apply for next session.
45 degree move away from wide POC of the day.
Unlike last session, today liquidation not having got good supply but cleared all the longs loaded in that prolonged balance at top..So, if supply not backing up this liquidation in next session and allowing move back above spike high then looking for retest of 21750-21780 zone again back to wide POC zone on daily and composite..To avoid this, sellers need to hold below 21665-21685 early in session or better get drive down then defend below 21620 all session next.
Good balance emerging now in last few days range and likely to spend a session or two in this range again.
Swing short got negated with a move above 21790 now.Getting back to neutral view to look for balance to continue roughly between 21500-21800 before moving away.Will work on swing view after a session or two.
For next session,not accepting below 21540 and moving above 21580 could test 21615/21650/21680 if sustains 21710/21750-21760/21790-21810/21835/21870 possible. Not able to stay above 21660-21680 and moving below 21615 could get 21580 and weak below that for 21550/21525/21490-21480.Sustaining below 21470 could test 21440/21415/21375/21325.
Charts and data :
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