NF had outside day with spike close in last session with dPOC skew.Buyers had edge at close. They defended spike zone and gone for open test drive up and then ended up as triple distribution trend day closing at high. Hypo played all session from 16060 - 16300 then much higher they did from there.
Pointers from today :
Last two days had higher volume and buyers emerged as winners from that two days balance today.They printed large buying tail at open with drive then moved higher.
It was triple distribution trend day..Auction had many irregularities like open test drive failure at open then not had a clear balance but all day elongation with rotation factor 16.Odds are there that this could be quick short term upmove planned by buyers. 16320-16350 immediate support zone for them to defend and move higher above PDH and once done should not accept below 16350 to have the run continue further. Else, repair of today's elongated structure could take place.
Back to back 3 neutral days + higher volume days resulted in this trend day now..Expected rotation down holding 16250 which got negated today. With today's auction, 16150 becoming swing support now for longs to move to 16480-16540 zone and if that zone accepts then 16650/16760/16840 upside possible. Failing to scale 16480-16540 zone could revert back to 16250/16150 then could go for balance, swing wise.
Charts,data and trade hypos :
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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