Video log on how to prepare for 13th June 2017 Nifty future trading. Here is the quick summary of what is discussed in the video. From the Top down analysis monthly timeframe is up and trending higher not much weakness seen, weekly timeframe is up (sentiment is up as well) and daily timeframe is balancing. on Mondays session price tried to push below the prev week low but throughout the day confidence remains low selles are not able to succeed in closing below prev week low. We also considering the low below the short term balance and fail scenario for potential test towards 9700.
On Mondays trading session price is able to accept below the Spike base which we discussed on last preparation. Price was trading around the days open most of the time and also price was moving back and forth around the prev week low which is not a sign of high confidence selling on mondays trading session. Finally price manage to close above prev week low (9619.5).
1)Weaker Mechanical Reference Levels ( 9705, 9700, 9685)
2)Prev Week Low – 9619.85
3)Prev Day High – 9642
4)Prev Day Low – 9602
5)Prominent POC – 9623
1)Price opens within the range around the center to the prev days profile and the day develops to trade around the center by testing both the prev day high and Promient POC there by forming a balanced profile with value area overlapping to Mondays session. Probably a tight compressed range for the day.
2)Price opens gap up and test the prev days range and establish the bottom in the first 30min and tries to move towards 9700 zone.
3)Price opens within the range but attempts to test towards the prev week low again. No fresh selling seen below the prev week low and price move again back into the short term balance and rotate through out the day.