After the formation of the P-shape profile on last Wednesday’s session with a strong short covering and fresh money buying the P-shape balance offers buffer support around 47914 and last two trading sessions price managed to build a point of control above the P-shape profile.
Monday’s price action rotates around the center and the price was chopped through the day’s open multiple times resulting in no confidence in the price action. Neither buyers nor sellers showed interest in the trading session totally price managed to rotate with lower volumes and managed to build a prominent point of control with an inside day. An Inside day formation is another form of no-confidence day usually indicates indecision from the buyers and sellers.
For any change in short-term sentiment from positive to negative the P shape profile requires acceptance. Needless to say, the short-term trading inventory has gone long to too long
