After a 3–1–3 profile (tail at both ends and balance in between), buyers were required to hold buying tail zone 21860 and go for higher value. NF today, most sessions did a two-way chop inside the previous session value area but failed to hold that developing value and went for a spike down into the closing hour.
Normal variation down profile + Spike down + dPOC (dev point of control) shift down + Intra developing value shift down as well today. Developing balance auction got spike down — could have marked this as emotional selling into the closing hour, but dPOC shift down and value shift down suggest this is accepting into the four-day composite value and test below VAL- 21710, then towards 21680 / 21630 composite buying tail zone has higher odds [Pic 2]. Clean weakness in structure and only contra higher open above 21970 could help buyers. Immediately next session, if buyers manage to probe above the 22010–70 zone, then this higher time frame weakness is negated.
For next session — sellers should hold below 21870 + scale below 21800 POC for a probe towards 21730–710 / 21680 / 21630. This 21680–630 zone could offer a bounce. Quite weak below 21630 for probe towards 21540 / 21410–380 / 21330.
Buyers should look for sustaining above 21850–870 zone + acceptance at 21920 for a probe towards 21970 / 22015 / 22060 and max 22110 / 22150–160 zone then could see rejection. Any failure to sustain below 21710 + above 21780 could get probe for 21850–870 / 21920–940 / 21970 and bullish above 21970 for levels mentioned above.
