NF on Friday had close to 3IB down day negating Thu move of 3IB up DD day. Dpoc was down at close with spike close. Observation was for mainly for balance if holds 17080 else liquidation below 17080 for 16935/16850. NF yesterday had a large gap down straight at 16935. But, held the open low and gone for balance all day and then towards end closed the gap and ended with spike.
Auction pointers from last session :
NF left a clean buying tail then made all day balance and ended with upspike. Buyers ruled since open till close. Spike is weak though as they could not close at edge of spike but closed at mid of spike.Follow through required next.
Spike rules apply for next session. 17058-17120 spike zone. Stay in spike/stay above spike = Strength ; accept below spike = Weakness.
Buyers of this tail + spike in next session should hold spike or worst case VWAP and should seek for value in spike or move above spike to fill back Friday spike zone till 17205 then should look for 17270/17300 vwap zone of that day. Failing to do this and breaking VWAP zone 17010 could go for testing buying tail of the day and staying in buying tail/staying below tail could lead to liquidation.
As mentioned in last report under daily/weekly section + in commentary, with large back to back imbalance zone between 17100-17200 hanging over head, not expecting current large balance to give up quick and looking for few more sessions of overlap move in last two weeks range..
Last session added conviction to this move by holding 16935 with tail and ended with spike.Now, needd a further follow through to look for slow skew higher to get this overlap/fill done.
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 :
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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