NF had moved away from last week range yesterday with gap+tail+value higher and closed bullish. Observation was that upside probe was not complete by close. NF had a open around PDH zone and gone for open drive higher to complete the auction and done the next swing objective 15430. After that probe, gone for tight auction and started liquidation auction later..
Failing to sustain above 15350 was expected to probe till 15250 and NF got this move done fully via liquidation. 15220-15240 was kept as swing support and NF could not pierce this and bounced from 15240 zone to close around day mid point.
Pointers from the day :
NF has completed its swing obj for the move away from last week balance and buyers from that balance now liquidated. Considering the volume on that extension yesterday as well as from last week, was not expecting any rally above 15430-15450 band and NF retraced from this zone now..Today's volume is good with close to 100L.Looking for another day of balance here and if we get another such good day of volume then we could sustain higher above 15450 towards 15650-15700. Same swing support 15220-15240 for this view of sideways to upside view as of now and any move sustaining below 15220 could be quite weak.
NF left a secured high as well as got a buying tail and left some poor value area..Expectation for first session tomorrow is to look for two way auction to repair the value area.
It was long liquidation day and no supply seen and met with exhaustion around support band of 15240.This leaves the path of least resistance upside for a quick test of 15370-15390.If this doesnt happen early in the session then focus to be with any volume below 15270 if no then this probe could happen later in the day after repairing poor value area in first session.
Price wise for next session, 15300-15310 support band to get 15350 and bullish above 15350 for 15390 if sustains then 15430-15450 probe possible later..
Failing to sustain above 15350 could fall back to 15310 and weak below 15310 for 15270/15235 and quite weak below 15230 for 15190/15150/15100.
Failing to sustain below 15230 and move above 15290 could get 15350/15390/15430-15450.
Important nuance : We got secured high which saw exhaustion at important support band.So, fight for balance could happen tomorrow. Not looking for straight move tomorrow and expecting two way auction and then one camp to make a convincing move later in the day.
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 :
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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