Expectation for the session today after nuances from budget session is, a) retest below 17600 single prints then sustain below 17540 for trend b) else look for overlap auction in 17540-17660-17780 zone..NF got that test well below 17600 today till 17520 early in session..could not sustain below 17540 and failed the drive then gone for clean two way balance between 17570-17740 all day and closed at dPOC.
Buying tail at low and mild short covering day.Spent almost entire session in large IB range.Buyers next should look for get drive or gap above today's high..Failure to do so or failing to sustain drive above PDH could call for retest of VAL/buying tail.
Buyers are not out of woods yet as we got value in yday lower imbalance zone and yet to move above 17825 to confirm some relief for them.
Levels wise, above 17720 early in session could get 17750/17780-17810 if sustains 17860/17890-17910/17950 possible.Or failing to sustain below 17560 and back above 17640 could get 17680/17710/17750 and then as said above upside probe possible.
Failure to stay above 17750 and below 17700 could get 17660/17620/17580/17550 and more weakness below that for 17490/17450 and below..
Same bias for swing as said yday that staying below 17950, looking for balance and down move in coming sessions towards 17450/17325/17200/17050. To negate this view, they should start getting one time frame up move on daily.
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.
Comments