NF negated all the selling of last week with yesterday's 6IB move and to avoid repair of 6IB day expectation was to have higher value in next session.NF had a gap up and drive and printed quite a large IB range to reach previous high 14765 and then ended with balance within IB range all day to close at dVAH.
Auction pointers from the day :
NF printed a normal day with large IB range. Normal day in strong trend is usually a pause in ongoing trend and a sign that trend still got legs.
NF left a weak high at prev ATH zone 14765 and likely to be cleared in coming sessions.
NF had left a dPOC down and moved away with 6IB move yesterday..Today got a nice higher value day to bring the value up. After yesterday's move expectation was to look for balance..Though we have got some signs today to look for balance,will give another session to conclude on this..Due to this weak high at 14765 and a normal day, not yet strong conclusion to expect a balance.
Swing wise 14550 becomes good support now i.e, well below today's VAL to look higher further.
Price wise for next session, holding above 14650 could test 14710 and bullish above 14710 for 14745/14790-14810/14840 if sustains then 14890-14910 probe possible.
Failing to sustain above 14710 could fall back to 14650 and weak below 14630 for 14580/14550..
Failing to sustain below 14550 could retest 14620 if accepts then 14680/14745/14790-14810 probe possible.
Important nuance : As said above, normal day means pause in ongoing trend before marching further in the trend side..To get this follow through, better to have drive/gap from normal day value area VAH/POC zone.Failing to do so, could end up most of the session in two way auction to overlap in normal day value area and could give a move later in the day or could do it next day..i.e, kind of two days composite then continue the trend move possible. View negates if we sustain below 14550 tomorrow from where we have got decent demand today.
Charts and data :
Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members.
Notes :
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