NF had a poor high yesterday into close. NF opened higher above PDH and then on the attempt to enter into prev value area failed which left FA at low and gone for neutral day to close at high.
Pointers from the day :
NF left FA at low and closed higher.
It was neutral extreme up day with dPOC skew into high.
Both above info confirms buyers control into close.Staying above 14750 could get further follow through upside.If we open below 14750 that could get liquidation from today's buyers.
Have mentioned about how mechanical auction is getting since 14550 tail test zone and the same continued today too.Intra auction got mechanical supports with NF leaving poor value area also with anomalies due to second session auction.Risk is adding up with long side. Buyers need to ensure moving away higher and staying higher without coming below 14750 to avoid repairing these mechanical support areas of this week auction.
NF negated swing ref 14780 and closed around it. Staying above 14780 now opens up 14850-14880/14950/15010. Negation for view at 14700 and swing turns into weak below 14700 for 14610-14580/14490-14450/14350.
For next session, above 14785 could probe 14815/14850/14880 if sustains then 14945/15010 probe possible.
Failing to sustain above 14820 could test 14770 and weak below 14770 for 14730/14680/14650 and quite weak further for 14610/14575/14540-14530.
Charts and 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.
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