Buyers of last session expected to hold 18250 or 18220 to move higher above PDH..At open, they whipped 18220 with a 18210 low then gone higher towards PDH and later move down again could not clear 18220 then pushed higher for new high at close then closed above dPOC.
Day with poor value area and tired auction last two days with volume below average.Closed with advantage buyers for a drive or gap up. 18250-18275 band support to push higher for next session to get 18360/18390-18420/18450.
Failing to sustain higher and breaking 18250 could test PDL and sustains means more liquidation possible towards 18160-18150/18120/18090.
Swing wise maintaining same neutral view.This is still balancing tight in last two weeks range and now 3days nice bell balance.Possible to have another overlap session if buyers not able to get away higher earlier in the session.
If we move above 18350 then fails and moves back below 18280 means could enter swing short with negation of 18375 for probe of 18220/18160/18090. Once moves to 18220 could trail negation at 18310.This view based on 3days balance now in making and back to back tired push by buyers with poor value areas..So, they need to get higher tomorrow and once done should not fall back in developing value area, if enters back in value area then looking for a move to other end.
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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