NF had a solid rejection at top after failing to hold above last week high and gone for neutral extreme down close with spike in last session. Expected more liquidation if spike accepts and sellers expected to hold below 15850-15875 to get that done..Failing to do so expected minus development skew back to wide POC 15975 as NF made 45 degree move away from wide POC.NF right at open rejected spike zone and started having open auction above spike zone in first session then later got that skew towards POC then also cleared PDH and closed higher.
Auction was quite choppy but all inside day range and closed higher with advantage buyers. Imbalance next possible with inside day move (last minute spike above PDH am not considering hence auction wise its clean inside day)..
Back to back good volume days but quite emotional auction it is with all weak refs all over and another double print tail at low with poor low today..Anything buyers get out of this 2days balance could be only ST emotional move upside unless they go for series of one time frame up days..
For immediate auction, buyers should hold 15930-15950 band and look for sustaining above PDH via drive or better to get gap to leave away such quite a anomaly 2days structure to get a probe towards 16080-16100 minimum..And, once moved away they should not come below 15950 again..Failing to sustain higher and started accepting this 15950-15930 calls for repair till 15865/15810/15750.
Swing view same that staying below 16050 probe is possible towards 15520..Once sustains 16050 means bulls should make sure that they keep the momentum upside and negation for them then at 15930.The way auction is happening only two way this could resolve a) get a solid rally leaving all this poor structure and weak ref and anomaly profiles and then later come down to repair all this or b) try to stretch here and there but fail and some event or news driven move to get swipe all the zones down marked as weak/poor in 2-3 sessions straight.
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.
Comments