NF had a clean trend day in last session. 17650-17660 considered as support. Failing to stay above 17720 and back below 17650 expected a probe to 17630/17600..NF whipped this move with a low of 17631 and could not stay below support band 17650 and bounced sharp. Failing to stay below 17650 and back above 17690 probe was for 17745/17790-17805. After open auction NF probed till 17775 and gone for nice balance all session then ended with spike till 17870 to close higher.
Pointers from auction today :
Buyers tightening grip further with another large buying tail and higher value day closing with spike up.
3rd day of one time frame up.Back to back good volume days now.
Clean spike up by close.Spike rules in focus for next session. 17785-17870 spike zone. Stay in spike = bullish ; Accept above spike = quite bullish ; Stay below spike low = weakness.
NF had a wide POC balance and price spiked higher at close..So, its important for buyers to stay/susatin above spike zone in first session else wide POC could pull it down.
Above 17540 swing probe was marked for 17700/17800/17950. NF tagged 17800+ today and now today's volume and auction opens up 17950/18100 next as mentioned in commentary. Negation can be moved to 17650 now from 17550.
NF clearing all supply ref zones left in Nov and no sign of supply or exhaustion hence probe of Nov POC around 17950 next.That zone may give a pause else VAH of Nov around 18100 zone probe is next. 17720-17650 swing support zone and that goes means could look for large balance.
For next session 17785-17810 support zone..Failing to accept below this and move above 17830 could get 17860/17885. Above 17900 could probe 17940-17960/17985/18020 if sustains then 18065/18110 possible.
Weak below 17775 for 17750/17720 if sustains below 17705 then quite weak for 17675/17635/17590-17575.
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.
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