NF had left poor value area on Friday's profile and expectation for the day was, failing to scale 11660 could have balance in 11570-11660 zone..NF opened around 11660 and could not sustain then gone straight to probe POC zone at 11570..Weakness was expected below 11560 and NF printed 11560 as IBL and gone for tight rotation between 11640-11580..Above 11660 probe was for 11700/11740 and NF gone for this via spike in closing hours and printed 11735 then negated spike by close at dVAH zone.
NF printed a inside day post outside day on Friday. Momentum could set in if this inside day gets value away from this range else overlap again.
NF repaired the poor value area and making new balance now in the zone of 11740-11510.Sign of new balance.
Its rejecting this 11700-11740 zone via FA and selling tails whenever visited. If no attempt tomorrow to accept this zone again, then PLR (path of least resistance) is down again towards 11600/11550 zone. If accepts 11740 with value then could zip through previous weekly balance till 11850/11900 zone.
Price wise, failing to sustain above 11690-11700 could drop back to 11640/11620-11610 zone and weak below 11610 for 11580-11560/11540 if sustains then 11510/11450 probe possible.
Above 11700 could test 11730-11740 and bullish above 11740 for 11780-11810/11850/11890-11900.
Failing to sustain below 11610 and back above 11660 could get 11700/11730(this scenario could play better if happens during IB period).
Charts and data :
Detailed plan with refs to carry forward, trade hypos and nuances from the day are available to members.
Notes :
a) Check glossary page in website if any of the terms used in the post are not clear.
b) If images are not clear, click on them for enlarged view.
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