After short covering profile yday buyers needed gap/drive above PDH and failing to sustain expected tail/gap test. They got open at PDH zone but could not sustain higher above PDH of P profile which sent price to test buying tail of yday then bounced to have tight range all day then closed at dPOC.
Narrow range lower volume normal day auction within IB range. Imbalance possible next.
2days of skewed POC with short covering auction..This skewed POC makes weekly as elongated profile with skewed top..As mentioned in commmentary, some signs today from data/auction that buyers of last two days who held the auction made exit.So, buyers need initiative fresh auction to move away from such skewed POC structure via gap/drive else back to gap fill.
Levels wise for next session,failing to stay below 19780 and move above 19820 could get 19845/19870 bullish above that for 19905/19930/19955. Weak below 19825 for 19790/19750-19735 if sustains 19700-19695/19670/19645/19625-19615 possible.
Charts and data :
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