NF printed neutral extreme up day with spike in last session.Buyers today failed to defend spike zone and started accepting below spike early in session. Not able to push higher above 17855 expected to drop to 17810/17780 then 17740/17700. NF gone for probe of 17745 straight in morning then all day remained in bell balance to close below dPOC.
Inside day balanced profile with value below spike zone. Weakness.
Few nuances of last session suggested lesser odds for last session spike to get follow through higher and possible for retest of buyers.This has done today but buyers all session today left many mechanical supports hence longs are risky now till we get test below today low zone.
Levels wise for next session, buyers need to sustain above 17860 to get 17890-910/17940-17950 then more bullish if sustains further. or failing to sustain below 17700 and back above 17780 could get 17820/17860 then above said probe possible.Failing to move higher above 17860 and back below 17820 could test 17770/17740/17700-17680/17650.
Swing wise suggested 17950 good resistance and not clearing this early in the week was looking for retest of 17780/17700-17650 to decide there. 17780 test done and buyers left mechanical lows today hence looking for one more swipe down to test remaining zone marked. Larger context is balance between 17650-17950 zone and the way they clear this zone could lead to next idea whether trend or more balance.
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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