Nifty Future chart July Series :
Perspective : A normal distribution on Friday created a spike into the close, as the market failed to hold the 5702 level.Acceptance below the spike lows is a bearish continuation
Back Ground : A conventional 3 I day market profile asserted itself as a strong seller showed at the open. We mentioned 5702 as support, which broke down after a rally from that point of about 40 points earlier in the day.The result was that the market closed at it’s lows.
Chart Speak :
– open drive down on a 3 I day ( O on top of d)
– larger distribution in the zone of the single prints of yesterday
– spike into the close from 5700-5658
– acceptance below the spike lows on Monday is bearish
– support is at 5638, the base of the previous single print buying
– auction zone can be between 5640-5673 or 5673-5705.
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