NF left short covering P profile in last session.Expected buyers to stay above 17870 to move higher else below 17870 considered weak for 17820. They gone for drive down to test 17820 then failed the drive and accepted back above 17870 for which probe was marked for 17920/17950 and above..They got 17920 by IB then later after extended balance pushed higher above 17950 then closed at dVAH.
Second day of one time frame up and range extension higher closing at dVAH. Advantage buyers at close. They need to defend 17900 early in session to get drive up next or gap up to move higher.
Auction was incomplete at top in last session which got cleared and got secured high now.
If not able to sustain above this secured high and moving below 17900 could lead to liquidation to test last two days buying tails.
Levels wise, hold 17900 to get 17950-17970 then more bullish for 18010/18050/18100 and above..Not able to do so could be weak below 17900 for 17870-17860 if sustains then 17820/17790/17760-17750 possible and quite weak below that for 17690-17670.
Swing support now moves to 17860 and upside probe remains at 18050-18100/18250 staying above this support zone..Below 17860 odds higher to revert to mean i.e, conitnue the auction in the ongoing balance with a test back to 17780 and below.
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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