It was FA top and NE down day in last session..Sellers next expected to defend 19820-19840 zone and stay below 19790 to get 2days value/FA zone at 19715/19685. NF had a open test drive up with thin volume today at open which could not sustain above 19840 and started moving below 19790 later which lead to liquidation move towards 19685 and below then closed at low with minor spike.
Double distribution liquidation profile.Sellers of FA from last session had control today and auction looks incomplete at close.
FA at 19852 from top yday negated 19685 FA at low.
19720 immediate resistance for next session for sellers and 19770-19790 solid swing resistance now.
Strucure wise expected auction between 19690-19850 for a session or two.And this range broken today.As said in commentary looking for 19625-19600 test for this move then could see bounce from there to test today range/value area and could reject again to continue down later.Staying below 19600 could get 19540/19480.Negation at 19790 for this view now.Back to balance play if this scales 19790.
Levels wise for next session,move above 19720 could get 19745/19770-19780 or failing to stay below 19635 and move above 19690 could get 19720/19745/19770-19780 and further bullish above 19785 for 19810/19840-19850. Not able to stay above 19760 and move below 19720 could get 19690/19665 weak below that for 19635/19615 if sustains 19580/19550-19545/19520 possible.
Charts and data :
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