NF had closed as no range no demand day at upper end of ongoing balance on expiry day.Observation was to resolve lower to clear all levels of balance after such close. Marked weak below 23360 to get till 23220 then 23165/23135-23125. They moved down via open drive to probe till 23150 then bounced and failed to clear IBH then stayed as balanced profile all day then closed at dPOC.
Bell balanced profile closed at daily dPOC as well as balanced week dPOC.Likely to push away from this dPOC close for trending move next.
Sellers need to push below 23220 to clear tail at low then look for weekly low clearance and not able to do so could get back to PDH/weekly high and trend further.
Buyers need to defend weekly value and sustain higher above PDH/test weekly high and not able to do so could drop back to buying tail of last session then weekly low then look for trend that side.
No clear clue at close of last session as what they are planning next but structure and context wise ongoing larger trend taking pause with lower volume week before making next move leg down. So, same view for swing short..expected probe of 23275/23200/23125/23050/22940/22850 and we got move till 23150 once again.Negation stays at 23500 to look for rest of probe.
Levels wise for next session, not able to stay below 23190 and moving above 23265 could get 23300-23315 bullish above that for 23340/23375/23405-23420 if sustains 23450/23480 reject else 23510/23540 and above. Not able to stay above 23375 and back below 23295 could get 23260/23235-23220 goes means weak for 23195/23165/23135-23125 and quite weak below 23105 for 23080/23050-23020 bounce else 22975/22935/22900/22865.
Weekly :
Trending week closed below 3weeks low at end of last week hence consdidered weakness.Marked 23650-23680 as solid res for the week to look for 23335/23200/23050 and bounce expected for balance. they had a gap down and gone down towards 23110 then bounced and stayed in balance all week then closed now as balanced week at dPOC.Could lead to imbalance next week.
Weekly res moves to 23500 and any move higher could face resistance in accepting this zone..If accepts with value then 23600/23680 reject else 23760/23840 easy move then reject else 23950-23980 probe. Not able to stay above 23500 could drop back to 23400-23350/23260 reject..Staying below 23260 could get 23180/23125/23050-23020 bounce else could move towards 22940/22865/22740/22650.
Monthly :
Jan monthly time frame marked for downside for 23200/23050 then expected pause and balance then extension down for 22800/22650-22500 marked..It has probed till 23110 now and balancing as double disbn down month. 23600 immediate res for Jan accepts means DD down view gone and could become b with a test towards 23840/24000 pivot reject..Later clears 24000 means upper end 24300-24400 odds.As long as staying below 23600 looking for Jan to continue as DD down to get 23120-23050/22900-22850/22650 as extreme case.
Charts :
Daily
Weekly
Monthly
Data :
Notes :
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