NF stopped one time frame up in last session and towards close buyers had advantage by pulling down dPOC. As long as 16220 holds expected that demand to look higher for 16280/16310 which happened via IB probe then above 16320 considered probe for 16345-16365 which happned via IB extn in D period.Then NF gone for tight overlap without any further range extension.
Failing to sustain above 16345 and back below 16310 expected a probe towards 16280/16250/16220-16200 and NF failed the trend day and gone for this probe fully to mark day low at 16210 then closed at dPOC.
Pointers from auction today :
NF expected to remain in balance and in the process expected to get new ATH by clearing unsecured high at prev ATH.NF gone for this move today clearing balance high and marked secured high there.Its a classic balance rule of look above balance and fail.
It registered a neutral day today i.e, acceptance above IBH then failure and gone for other end IBL..It also had a failed trend day.Both are signs for balance to get bigger around this zone as buyers at lower end defending but exhausting at higher end of balance.So, need to rotate more to gather more strength or till buyers give up, this balance could continue.
16220-16200 double print tail zone of yday provided support today also..This 16200 remains support and 16295-16320 resistance tomorrow. After back to back imbalance auction of last two days, odds are higher for NF to remain in balance two way auction between this support and resistance zone for most of the next session. Imbalance away if moves away from these zones.
Levels wise for next session 16295-16320 resistance. Failing to sustain above this band could drop to 16260/16230/16200 and quite weak below 16185 for 16160/16130/16100/16060.
Failing to sustain below 16210 and back above 16240 could get 16265/16290-16310. Bullish above 16320 for 16345-16365 then 16390-16410 possible.
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.
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