Double disbn trend day on Friday..Observation was that second disbn had sm mechanical support and push happened hence buyers next expected to defend upper disbn to get follow through higher else test of lower disbn and bounce expected.
NF had a gap up above PDH but could not sustain then had slow skew down to test extn handle/lower disbn high at 17385 then bounced to day high for close above dVAH.
All day two way balance repairing last session upper disbn and buyers closed with advantage.Suggesting existing old buyers of this leg yet to complete their business. Narrow range lower volume session and could invite imbalance session next.
Another mechanical support buyers left today with low right at VWAP/extn handle of double disbn trend day. 3rd day of one time frame up and with these mechanical supports buyers next have to survive above 17450 with value else repair of mechanical supports.
17440-17450 good support for buyers in next session to defend and push above 17480 to get 17520-17530 if sustains then 17565/17590/17620-17630 possible. Failing to stay above 17520 could drop to 17470 if accepts then 17440 and weak below that for 17410/17385-17375/17345-17335/17305.
Swing wise holding above 17280 probe was marked for 17520/17580/17640/17740. NF moved till 17490 now.Swing support now moves to 17365. Staying above this same obj as marked above and once moves above 17520 swing support moves to 17410. For the week, 17520 was marked as first swing obj and NF almost reaching there now. This is important zone to decide rej and mean reversion or accept and move towards next weekly obj zone 17640/17740.
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 :
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