NF printed inside day last session and with balanced profile with value below spike zone,considered weak. Buyers for next session expected to sustain above 17860 else below 17820 probe was marked for 17770/740/700-680. NF failed to sustain above 17860 and gone for probe till 17705 then bounced to dVAH which got rejected to close at dPOC.
Selling tail at top and double print tail at low with clean balance inside..sort of 3-1-3 profile..Sustain value area/tail = trend else back to other end.
Observation after yday auction was that lot of mechanical supports from buyers hence suggested long side was risky..All these supports got cleared today.
Second day of value below Friday spike zone of 17860 put pressure with buyers which lead to liquidation to test weekly support zone 17700 which promptly rejected.And notable nuance today is the balance since 27-01 now getting into clean bell and dPOC shifted higher from 17680 to 17805.Lot of data shift happened today and likely to get sm good move in a session or two. Now this dPOC shift means buyers should look for sustaining above 17840 to move higher else possible to rotate down to 17720/17670/17650-17620 then reaction possible from there for mean reversion or for more liquidation.
Levels wise, for next session buyers get adavantage above 17840 for 17870/17900/17940-17950 if sustains more bullish.Or, failing to stay below 17750 and move above 17790 could get 17820/17845/17870/17900.. Not able to clear / sustain 17840 and move below 17790 could get 17765/17740-17730 if sustains more weakness for 17695-17670/17630-17620.
Swing wise holding 17950 was expecting 17780/17740 which got done in last session but due to mechanical support auction of yday expected one more swipe down which got done today. Now, depends on event tmw auction could tilt as we have closed right at dPOC today after good data exchange all over. Larger context is same as said earlier, 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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