NF after closing triple disbn profile extension singles got a clean gap up yesterday above PDH..Held the gap and gone for higher close. This kind of auction generally for short term move than sustained rally i.e, closing at lower quad and then open way higher at PDH and still moving higher to close at high. Kind of relief rally for ST after sustained down move and likely to rotate back to mean shortly.
It was gap up + tail at open which pushed shorts all session and closed as clean short covering profile. Buyers of this profile next need drive/gap then all session should stay away from this P profile to get another higher value session. Failing to do so and back in range could get probe of value area and clear buying tail at low..
NF closed the gap at 17290 after moving away from nice 6days balance.Advantage buyers. Now, buyers should get series of higher value days from here to look for rally. Odds look less for this as of now because of the way they moved away from 6days balance.They made a move with short covering profile which suggests odds are there for just look above balance and then get back to balance..So, need higher value days straight after this P profile to negate the view of moving back below 17200 into large balance of last 6 sessions.
Swing wise suggested neutral for the auction to take place in 16850-17200-17350 zone..Still maintaining same view.Acceptance above 17350 could move towards 17430-17450/17500/17600 with negation at 17280.Failing to stay above 17350 and back below 17280 could get 17220/17150/17050 with 17350 negation.
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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