NF had a initiative auction higher value profile in last sesion and left poor value area. Also had spike close..With this two info, if opened higher then expected trend higher holding value area.If doesnt hold higher and accepts in value then expected repair of poor value area. NF got a clean gap but could not hold the gap and gone quick down via open test drive to repair poor value area. Post IB period could not stay lower and moved back to day high again to leave FA at low and then closed as neutral day at dPOC.
If fails to sustain above 17530 and moves below 17480 then probe was for 17455/17430-17410 which happend in IB period till 17416. Failing to scale below 17465 and back above 17510 expected a probe for 17565/17590. This got whipped on first attempt during IB period then got sail through till 17590 post FA at low.
Pointers from the day :
NF left a FA - failed auction at low..Have mentioned that on swing basis 17380-17410 is support zone for the initiative auction took place yesterday..Today those initiative buyers created FA at low adding conviction to this zone and pushed higher..If this zone breaks next then we could look for 17310/17265/17175 zones.
It was neutral day clearing IBL then IBH later in the day.Being this neutral auction happening at important resistance zone i.e, below 17650 major balance low of November, likely to start fresh leg of auction from here post this neutral day.
If this neutral day was due to expiry move, then likely to give up and we could move down to mean around 17310-17250 zone minimum. If buyers are still committed then they could save today FA zone and get higher value days in coming sessions attempting to enter into that large balance zone 17650-18200.
3rd day of one time frame up on daily.
Another poor value area session.If we open inside value then look for repair of poor value area for some time in first session.
17510-17470 support zone tomorrow for NF to hold. If fails to scale below 17470 and moves above 17520 then could get 17550/17575-17590 and bullish above 17595 for 17635/17655/17685-17710/17740.
If fails to sustain below 17440 and moves above 17495 then could get 17520/17550/17575-17590.
If fails to sustain above 17590 and moves below 17540 then could get 17510 and weak below 17510 for 17480-17470/17440/17420 and quite weak below 17400 for 17370/17340/17310 if sustains below 17295 then probe is for 17265/17230/17190-17175.
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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