NF had 6th day of one time frame up with buyers in control in last session..Signs of balance to emerge was there with MO reading as well as with double distribution day negation intra day. NF delivered a inside day and last 3days auction now making nice balance. 16315 was kept as resistance above which 16345 expected.NF could not get this and rejected at prev session POC at 16330. Failing to sustain above 16310 expected to drop to 16250 and NF did this via long liquidation profile all day and then closed at dPOC.
Pointers from the day :
NF delivered inside day. Could lead to imbalance day next.
As mentioned above, POCs started migrating sideways and we got long liquidation profile now. Balance is here.. Below this profile acceptance more liquidation could follow.
It has left Ledge at 16295 which held price all session. This 16295-16310 zone is now resistance for next session.Above this band, short squeeze possible.
One time frame up still intact and with balance is visible here, odds are higher for this to stop in next session.
16295-16310 resistance for next session.Failing to sustain this band and accepting below 16270 could get 16240 and weak below 16240 for 16210-16190 and further weak below 16185 for 16160/16130 /16100/16080-16060.
Failing to sustain below 16190 and back above 16215 could test 16240/16265 if sustains then 16290-16310 possible.
Bullish above 16315 for 16345/16365-16380. Quite bullish above 16395 for 16420/16450.
Charts :
Daily
Weekly
Monthly
Data :
Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members via private blog.
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.
Comments