NF negated neutral extreme down selling day in last session and all other info of neutral extreme up day + FA at low + poor high at top was indicating buyers had edge at close. Expectation was buyers had to accept above 17250 early in session to move away from yday profile and then stay above all session. NF gone for this auction today.
17150-17180 zone was kep as support and failing to sustain in this and move above 17245 probe was for 17360 which happened via open drive + imbalance straight in first session. Then later above 17360 if sustains probe was for 17420 and above..This is the part gone for some extened grind and some nice whips then did the move at closing hours with a probe till 17440 and closed at high.
Pointers from the day :
NF had a large buying tail from composite POC zone..Initiative move from buyers after 3-4days of balance.
It was a trend day. Not a clean one though due to that extened grind in mid session (clean trend days do not overlap more than 3 TPOs i.e, more than 3 periods rarely 4 period but today got 6 periods of overlap and do not whip down in more than 3 periods with lower low move).They normally do the trending move with balance and extension slowly all through the day. Despite such intra failure they still closed at day high.
Very important for buyers now to save this profile and go for higher value and do not come back accepting in today mid day balance..It has left clear anomalies and quite a mechanically supported profile today..So, if they accept in mid day balance then could repair the poor structure left down.
NF repaired poor high of yesterday and inside day of yesterday resulted in imbalance day.
FA of sellers from 30/11 negated now.Old supply negated by responsive buying from that 17K zone then + initiative buying today. Need fresh supply or long liquidation move now to look for weakness till then focus with buyers as how good they get further follow through.
It was high volume sessions last few days and expected them to take higher if 17250 is cleared and it has happened today..Weekly is still clean lower value with wide dPOC and today's trend day is not convincing.So, risk is clearly with long side unless buyers get clean follow through again with higher value and extension.
For next session 17360-17380 support zone..Failing to accept below this and back above 17410 could get 17440/17470 if sustains then 17500/17530/17565 probe possible. Further bullish above 17575 for 17600/17635/17660/17700.
Failing to stay above 17470 and back below 17400 could get 17360 and weak below 17360 for 17335/17290-17275 if sustains below 17265 then 17235/17190-17175/17155-17145 probe possible if sustains then 17115/17080/17040.
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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