Sellers had advantage at close in yesterday session..They have gone for quick drive down today at open but failed to sustain the buying tail of yday which lead to short covering..Above 11950 VWAP expected a squeeze towards 11975/12000 and NF made a probe till 11988.Failing to sustain above 11970 was expected to retest 11940/11910 and NF did this probe in second session and then closed around dPOC.
After yesterday’s auction, expectation was for overlap/downskew session today and NF gone for inside day with value overlap.It did a value probe thrice today up and down.After 11days of one time frame up, we have got a small balance today.
Balance rules apply for next session i.e,
Sustain away from balance = trend ;
Failing to sustain and back in value = probe back value area again for one more overlap session..
Sellers failed today twice first at open then later with probe at VAL zone 11910 but could not sustain down..Same 11910 ref tomorrow for them if they want to auction lower on this balance.
Price wise, above 11955 could test 11980-12000 if sustains then 12030/12050 probe possible.
Below 11910 could test 11880/11865-11840.
Expecting this 11865-11840 zone to hold if we get there and could invite demand to push price back to 11900-11920 zone if sustains then 11965-11980 probe could be done.
Failing to do so and breaks 11830 means could get 11780/11750 zone.
Charts and data :
Detailed plan with refs to carry forward, trade hypos and nuances from the day 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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