After 5IB down outside day on expiry observation was that 1-2 days of choppy auction..with dPOC skew close, buyers if got commitment then expected them not to rotate below 17380..NF held that zone and gone for higher move in first session. It could not sustain higher above PDH and gone for slow skew down all day then closed at dVAL.
NF left failed auction at top.
Neutral day with close at dVAL. dPOC skew down into close and sellers edge at close.
Staying below VWAP of last session skew down to travel in current composite towards 17320/17280/17250 for next session.If VWAP goes means FA retest then sustain higher for bullishness. Due to neutral day + dPOC skew down at close, sellers for next session need drive down or gap down to avoid overlap in last day profile.
Composite b profile in making and unless we get gap up or drive up, overlap could continue..And solid weakness for swing only if we start accepting below 17250.Will still allow a session or two to decide swing trade.
Larger picture :
Weekly :
After triple distribution profile last week, NF gone for pause in the run now with narrow range higher volume 6th week of one time frame up. As long as no value above 17500 could go for test to base of this weekly profile 17280-17250 then could bounce back to continue overlap in last week range (to turn b composite into bell profile).Tail at low now stronger on this narrow range week. Quite weak if it creates value below 17250 for 17050 if sustains then 16900/16800 probe possible. Above 17500 could move towards 17640-17700/17900/18000
Monthly :
July has ended with spike on monthly profile and now August accepting above that spike zone.Attempt to that spike zone getting rejected with clean strong tail as of now though structurally looks weak that 17250 zone..As long as no value below 17250 August could look for range extension higher towards 17700/18000. Value below 17250 could push it down towards 17050/16800-16750.. That is now good support band for current month and below that quite weak.
Charts :
Daily
Weekly
Monthly
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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