Double distribution liquidation profile had incomplete auction at close in last session.Suggested yday auction clearing FA at 19685 could get next 19600 then 19540/19480. NF got a large gap down today and cleared 19540 then bounced to fill gap then closed below dPOC.
Double distribution profile with tail at both ends..Sustain tail for trend else look for filling inside this DD profile for next session.
Upper disbn got a skewed balance than lower distribution.Data and such structure suggests lack of demand in upper balance and distribution mostly hence push back into lower distribution possible next.To avoid this, buyers next should defend extn handle zone of today at 19590 then look for drive higher or gap up above this profile to stay higher..Failing to do so, looking for retest of 19560-19540 band then balance.Further weakness if we see sustained auction below 19540.
Swing obj 19540 probed today..Now swing resistance moves to 19690-19720 band from 19790.Staying below this looking for balance to downside auction for 19540/19480/19420/19365. Acceptance above 19720 could test 19770-19790 then could see rejection else more upside possible.
Levels wise for next session,failing to stay below 19590 could get 19630 if accepts 19660/19690-19710 possible and above 19720 could probe 19745/19770-19780.Not able to stay above 19690 and move below 19640 could get 19610/19585 and weak below that for 19560/19540-19525 if sustains further then 19480/19450 possible.
Charts and data :
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