NF had a liqudation profile but rally at close in last session..Considering composite P structure follow thorugh above rally high was for composite POC at 16640, if no follow through above rally high then expectation was to get poor value area repair below yday POC 16570 zone..NF gone for this poor value area repair below POC in first session then had a acceptance above rally high again later which moved back to that wide POC as well as PDH zone 16640.
It was quite mechanically supports held and pushed higher day.. Almost a inside day. Imo, it was expiry management move and buyers intent is under suspect.
dPOc skew into close and edge with buyers at close..Best way to deal next by buyers in this composite P with such close is to get gap or drive (holding 16580-16590) else we could look for entire value area of today's session to be probed back (16510-16480 zone)..Buyers need to strike early in the session.
Acceptance above 16640 tomorrow means could look for clean move scaling 16690 old excess zone and once this is done should never move back below 16600.
16400-16700 range balance view still on and maturing. Today they got a imbalance move from balance low zone which usually meets exhaustion at upper end of balance..So, unless gets early follow through higher with initiative buyers, tough to visualise rally from this structure.
Mentioned yday that 3days of overlap with upper disbn quite thicker, tough to rally higher oneway and some to and fro auction possible i.e, allows balance before making clean rally..Today that auction was evident with heavy chop failed trend day still closing at highs..Expecting similar chop again till we clear this current balance zone. That view of getting bell balance from composite P odds increasing higher with the mechanical move today.
Charts & 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 :
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