NF opened in non hypo zone today with gap after dVAL close in last session. Gap could not sustain and got closed quick then all day gone for two way balance which finally ended up with spike up close.
Buying tail and spike close from buyers..Spike rules for next session. 17775-17805 spike zone..Sustain spike zone = strength else back to overlap in value area and test buying tail.
17720 swing support got cleared and bounced off from mechanical level of 17650 upper disbn zone from 03rd dd trend day. As discussed in commentary, good inventory adjustment day after gap down open..17670/17710/17745 three zones buyers defended today's auction..Till atleast 17710 get a retest, long side would consider risky.
After dd trend day from 03/03 buyers should have gone for onetime frame up but held just a for a day and today's auction of lower value with spike close suggesting new balance possible in 17550-17850 zone roughly.To negate this view, buyers should go for value higher above 17850 quick and once done should not move below 17775 to stay higher.
Levels wise for next session, above 17820 could probe 17850/17890-17910 and further sustains 17920 means could get 17955/17990/18020. Failing to sustain above 17850 could drop to 17800/17775 and weak below that for 17730-17710/17680 if sustains 17650/17600 possible.
Swing view had given two views and none got triggered today..As mentioned above, now looking for 17550-17850 balance roughly before next leg on swing.
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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