January 5, 2011
' P ' Shape profile
After gap down market rotated between 6140-6120 for most of time, then break down in afternoon session, to touch Single print 6093, again moved up n we saw rotation between 6090-6120.
Opening Type = open rejection reverse as market tested yesrtd known ref level 6150 n gt rejected
Day Type = Again Normal variation day.
Notes for tomorrow,
1) SP on lower side @ 6086
2) Profile shape looks like 'P' shape..kind of skinny at bottom , so information suggesting may be short covering happened.
3) VPOC @ 6080 on downside..so may be we get to see some support there, as VPOC acts as price attractor or Reversal point.
If broken, ref lvl to watch on downside are 6060-6035.