NF had moved away from 5day balance yesterday with higher value and expectation was imbalance to continue without any balance. FA from buyers yday was expected to hold 13670 and seek extension further higher. Holding above 13670, probe was 13720/13750/13790-13820.NF held above 13670 and moved higher during IB and had a slow trend day to probe till 13790. Later could not sustain as trend day and ended up as normal variation up day closing at dPOC.
NF printed a buying tail and gone for 2nd day of one time frame up after moving away from 5days composite balance.
NF left a poor value area due to failed trend day and retracement today towards close which also left a weak low at 13745.To avoid repair of this weak low, NF should scale 13790 early in the session which could get 13830-13850 quicker.
As mentioned in yday report, move away from yday profile swing probe is for 13850 and NF is inching closer to it. As of now, not expecting any sustained rally above 13850 without repairing today’s poor value area. So, if 13850 happens first without repairing poor value area below 13745 then expecting balanced session holding around 13850 tomorrow.
Price wise, holding above 13745 looking for a test of PDH zone 13790 if sustains then 13830-13850 could be probed then could grind for balance..Anything above 13865 could be quite bullish for 13900 and above by close.
Failing to sustain above 13790 could test 13745 and weak below 13745 for 13720 and 13690-13680 and quite weak below 13665 to test 13640/13620/13595.
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.
Comments