Market Profile Analysis for 19th Jan 2021
Today Market sentiment is Negative, Traders can plan a Short trade if price shows OTD down or Open- High below PDL keeping SL below the above of the candle. This scenario will change if the price shows open -Low or if price started trading above previous day range. One should look for price action around 31690 and 31530 is important level for sellers, if any rejection from above level I will look for and price started accepting above PDL I will look for Buy side and target will be 32330 and 32478 i will observe the price action around higher probability we can expect the short covering. Open placement and IB will give more clarity will keep you posted any further changes in market condition.
Important level need to watch 32478, 32330, 31536 & 31407 are the important level need to monitor