Nifty Futures formed a back to back secured high indicating a potential swing top formation and also on Friday’s trading session broken 2 week low comfortably and closed below that comfortably. Immediate shorter term resistance coming around 10720 levels. In the last article, we talked about Too Many Weaker References dominating Nifty Futures.
Current week as well too many weaker and mechanical levels persist. Following are the weaker levels with higher odds of revisits.
1)Poor Low + Mechanical reference at 10560
2)Weaker ORR (Open Rejection Reverse) at 10485
3)Weaker Mechanical reference at 10395
4)Weaker Mechanical reference at 10280
5)Weaker Mechanical reference at 10153
and this week alone Nifty Futures had cleared there more additional weaker reference levels indicating that more and more short-term players went long and now in the process of liquidation.
Market Profile sentiment and indicator sentiment is negative for the past three trading sessions. Momentum sellers are dominating the market for the last two trading session. No weakness from the sellers is seen. we are still on the sell on rising mode.