NF could not sustain post gap down in last session and got buying tail which closed at VAH..If buyers are committed then expected them to get gap or drive to get follow through higher. Also noticed that last session seen decent short inventory built up and expected to get squeeze if not able to pull price back in value.
NF got a gap and drive and squeezed sellers from last session via ABC extension then gone for all day balance move. Above 17620 considered bullish 17660-17670 then 17720-17740. NF gone for this entire probe via solid drive at open session then gone for balance and closed at dPOC.
Pointers from today's auction :
It was clean short covering P profile. Need again gap or drive above this P profile with fresh inventory else could rotate down to repair poor area left today.
NF left large buying tail today..Buyers should hold this tail zone to get more swing higher.
It tested FA zone from 30/09 but could not scale them..Auction is now between today's buying tail and this FA zone and whoever accepts could swing it further on that direction.
17680 support for next zone. Holding this and accepting 17740 could get 17765-17780 then 17820/17850-17870 probe possible..Above 17890 probe is for 17940-17965/17990/18020-18040.
If fails to sustain below 17620 and accepting back above 17690 could get 17730-17740/17780/17820-17850.
Failing to sustain above 17760 could drop to 17705 if accepts then 17680/17650 probe possible and weak below 17650 for 17620/17595 and quite weak below 17590 for 17560/17530-17520 and further move down below 17505 for 17480/17450.
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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