NF had a neutral day in last session with buying tail + ledge at low. Bias was buyers trying to defend the auction and they need to accept above 17780-17810 band in next session for follow through higher..NF at open have accepted this band but could not sustain then gone for large balance..Later had extension above this balance to get clean follow through and closed above dPOC.
Above 17780 probe was for 17840 then 17935 and above 17965 probe was for 17990/18020/18050. NF probed till 17855 above 17780 in IB period then later gone for remaining objective till 18035.
Pointers from today's auction :
Neutral day of last session got negated with double distribution profile today. Ease of supply.
One time frame down of 3days got stopped.
Double distribution profile with large extension singles.
Mentioned in last report that neutral day and new range could lead to new auction and bias was for large balance to happen. Above said three information suggesting the same now. i.e, old supply easing and large extn singles double disbn profile means likely to have balance now. Range needs to be decided..As of now setting the range for balance as 17750-18200 with two way auction..Anything above 18200 calls for 18350/18490 and then could rotate down.
Today NF had dPOC skew into close which is advantage buyers..These buyers should hold 17940-17960 zone roughly in next session and should go for overlap/higher value session above today's upper distribution for clean follow through higher..Preferrable auction is gap or drive up.Failing to do so could rotate down back to today's extn handle zone filling back extension singles. 17990-17850 imbalance down zone from last expiry trend day..So, failure from buyers to sustain above today's upper distribution could call for one rotation down to fill this zone before another move higher..
17750 as of now sealed as swing support. Even if we go for balance this should hold for coming sessions.
For next session, 17940-17960 support band. Failing to sustain below this and back above 17995 could get 18025-18045 and above 18050 could get 18080/18110/18150. Further bullish above 18170 for 18210/18240/18270.
Failing to sustain above 18030 and back below 17950 could test 17920 and weak below 17920 for 17890/17865/17840-17830 and quite weak below 17810 for 17780/17750/17720.
Charts and data :
Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.
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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