NF had short covering P profile with large buying tail in last session.Buyers required gap or drive else rotation down was expectation for the session today. Move below 17650 expected to test tail zone 17620 and below. NF had a open inside value and gone for open auction in first session.
Move below 17650 could not sustain and whipped with extension higher with large imbalance move..Above 17740 probe was for 17780/17820/17850 and NF moved till 17840 in that large imbalance and closed higher.
Info from today's auction :
Yesterday buying tail held firm today and got initiative move above 17700. This 17700 now good swing support going forward.
It was 3IB move today with many extension singles and many extension handle. Kind of emotional run but buyers closed firm with dPOC skew at high. They again need gap or drive for a follow through higher, failing to do so and accepting below 17780 could go for repairing large imbalance zone of the day.
Auction was incomplete at close.
17780-17800 support for next zone. Holding this and accepting 17840 could get 17870/17895-17910 and further bullish above 17920 for 17945-17965/17990/18020-18040.
If fails to sustain above 17900 and accepts below 17830 then could test 17800-17780 and weak below 17780 for 17740/17710 if sustains 17690 then 17665/17630-17620 probe possible.
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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