Neutral extreme down day with spike down in last session..Since supply was not much seen it was job of sellers to hold below 21620 all session next once got follow through down failing to do so and accepting above spike high expected move back to 21750 wide POC zone..NF got a drive down below 21620 at open towards 21500 then swiped 21620 but could not sustain and all day gone for balance down..Despite all day holding balance it could not stay lower and bounced towards close which lead to spike above IBH and then acceptance above last spike high pushed more with probing 21735 then closed at high.
Look below balance and failure which pushed back to wide POC zone of current on going balance..After today's auction 21570-21590 becomes solid support for buyers to hold to clear 21810/21870 as discussed in commentary..This could be the path of auction for next one or two session.
Large spike up close..Spike zone 21638-21737. Being large spike, not able to stay above spike high, could go for filling spike zone atleast partially for balance then later could see range extn higher..Acceptance below spike low is weak.
45 degree move away from wide POC of the day. 21780 wide POC up from yday and 21575 wide POC from today..Job of buyers next is to sustain above this 21780 POC failing to do so could look for fill back in today spike zone as mentioned above.
For next session,not accepting below 21680 and moving above 21710 could test 21740-21750 if sustains 21780-21790/21820-21835/21870 could be done.If sustains further then 21920/21945/21970 possible.If fails to stay below 21610 and staying above 21640 could test 21670-21680/21710/21740-21750. Not able to stay above 21760 could drop to 21715 if accepts 21680/21650-21635/21610-21595 possible and below 21570 could get 21545/21520-21510/21480.
Charts and data :
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