It was short covering auction in last session closing at POC..Expectation for buyers case was to move higher above 17700 and once done hold above P profile all session..NF gone for this today via gap then had a good run closing gap higher at 17860 and moved further higher till mid session, which could not sustain post mid session and pushed for close at dVAL.
4days of one time frame down stopped today..
Gap up and tail pushed to test swing ref zone marked at 17920 but could not sustain and lead to close in morning tail zone at dVAL..Weak close.
Back to back short covering profiles..As discusssed in commentarty, such back to back P profiles makes structure weak by clearing shorts from system..Unless we get buyers to take this higher above this profile, auction is for mean reversion to close the tail and gap of today.
Buyers for next session should scale above POC zone to get to PDH zone then move higher further..Failing to do so could go for repair of poor value area left today and back in tail zone at low could get PDL and gap close attempt.
Swing short view negated today with 17920 probe..Marginal swipe though..Will wait for another session to draw next swing move scenarios.Context wise, staying below 17920-17940 band, probe is for 17750/17650 then could get bounce back for balance as mentioned in closing commentary..
Charts and data :
Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.
Notes :
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