Due to low volume push down at close of last session as outside day, expected next session to open at higher quad at 21675/21750 zone then squeeze expected staying higher above outside day..If buyers failed to get so then liquidation expected. NF had a clean higher open above PDH and buyers who came at top challenged by sellers to push down back quick to wide POC weekly pivot zone 21675.Got clean extn down then from that wide POC zone then remained all day down to close at low clearing weekly and on going monthly lows.
Solid multi distribution down trend day by sellers with auction,range and volume wise.. Large rollover happened around 21560 today. This zone becomes solid resistance now for remaining month.
>5IB down day and large outside day too. Out of all days, today is clear case of big failure from buyers. Range and auction of the day suggests sellers were keen to push this down and its not liquidation alone. Looking for 21110/21020/20950 no bounce means 20890-20870 as long as we stay below 21560-21620 zone. Zones to look for rejection on any bounce 21290-21330/21440/21525.
For next session 21250-21280 resistance zone. Not able to accept above this could drop to 211190 and weak below that for 211150/21110/21070/21030-21020/20995 if sustains below 20980 then 20935/20890-20870 possible. Not able to stay below 21110 and move above 21190 could get 21240-21250/21280 no rejection means 21330 if sustains 21370/21415/21440-21450 then reject else 21480/21540-21560/21590 possible.
Charts and data :
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