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My previous release mentioned the ongoing importance of 20170. This handle has been traded every session since then, marking a significant reference this Auction.
This became a nuanced version of “Unfavorable Prices”, but I would say it was on the rather forgiving end of a sequence. The Market formed a Distribution and left the Auction to the Upside. This Gapped Up but was followed by a Reversal allowing for further trade against the Pivot. Further Twp Way was seen into Months’ End, now Opening with Price leaving the Auction to the Downside.
Initially Our Pivot was flipped to the Upside expecting a Break above. The following session led to an Overnight Gap Up (+300p) Higher.
In hindsight this was the Squeeze. The Trade worked. The Fault was seeking Higher after a New Seller entered the Market. Alas, this is an easier clue to spot in studies, versus seeing it in real-time come 9:30am RTH Bell.
As mentioned above however, this was a very forgiving auction. 20170 marked four (4) significant lows before finally breaking to the downside this session.