NF after stopping one time frame up in previous session ended up with outside day + failed trend day + poor value area combo. Expectation was NF planning to resume balance. NF opened gap up today but could not sustain the morning drive and gone for mean reversion move back to yesterday range and bounced from 15550 support zone marked.Remained as two way auction balanced profile and then closed at dPOC.
Pointers from the day :
NF outside day of previous session resolved higher today. Now, 15580-15600 support to get further follow through higher.Failing to do so and back below this band means we could look for repair of outside day profile from 31st May.
NF left nice balanced profile.Could lead to imbalance move in next session. As mentioned above, if holds 15580-15600 after this balance then could look for rally higher..If fails to sustain, then imbalance could happen downside.
Mentioned that 15650-15700 is the maximum probe to look for mean reversion and this zone responded today..Same ref for next session too.If fails to sustain this band and starts accepting below 15580 then opens up probe towards 15450-15400 on swing.
For next session, 15580-15600 support to get 15635 and bullish above 15635 for 15660-15680 if sustains 15695 then could get 15720/15745-15760/15785.
Failing to sustain above 15680 could drop to 15630/15590 and weak below 15575 for 15550/15525/15500-15490 and quite weak below 15480 for 15450-15435/15400-15390.
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 via private blog.
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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