NF had a inside day in last session and expected imbalance session next. 16295-16310 zone considered as resistance for next session and above 16315 probe was for 16345+..NF gone for this 16315 scale during IB period but could not get the objective and got whipped. Failing to sustain above 16310 and back below 16270 probe was considered for 16240 then for 16210-16190. NF gone for this via imbalance one time frame down move since IB period and then stopped trend day move to close at dPOC.
Pointers from today's auction :
After having back to back rally days with -ve MO + DD day failing intra, considered risk was increasing on long side..This resolved on downside today.
We had observation that balance in place and today's move defined a balance range now with clean 4days composite bell balance.Likely to chop in this range now for a session or two with some swipe at balance extremes may be. We have no secured high at 16350 and during this balance could get secured high.
Last report had a observation that odds are there for one time frame up to be stopped today and NF stopped one time frame up on daily after 7 days with lower low move today.
Towards close, NF from trend day down turned into balanced profile and in this process left poor value area which needs a repair.If we open inside value, this could take place tmw.And, in this balance in last hr it pulled down POC which is advantage buyers as mentioned in commentary.As long as 16200-16220 zone is held this demand could look for probe higher.Acceptance below this band could lead to one more long liquidation auction.
NF has taken today support from 16160-16190 zone marked as support under weekly picture.. Holding this zone probe is back to 16330-16350/16390 zone swing wise then could continue the balance in last few days range.
For next session 16220-16200 support and holding this zone could test 16245 if accepts then 16280/16310 probe possible and bullish above 16320 for 16345-16365 then 16390 possible. Quite bullish above 16395 for 16420/16450.
Failing to sustain above 16345 and back below 16310 could test 16280/16250/16220-16200 and weak below 16185 for 16160/16130/16100/16080-16060.
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.
Comments