NF had a 3IB down neutral day with FA at top in previous session. 15685 was kept as resistance.. NF opened around VWAP of neutral day and on test to POC rejected and gone for open test drive up..Above15685 probe was for 15735-15745 which tagged early in the session then gone for tight range balance holding above VWAP..Next leg above 15755 expected to get 15780 which could not materialise and NF closed above dPOC.
Auction pointers :
NF left a buying tail from POC zone and printed inside day. 15720 support for this inside day for next session.
NF negated almost all the ref left from previous session sell off. Only extn handle at 15775 remaining and staying above 15720 could clear this and test 15800 FA zone as today’s close had dPOC skew at dVAH which is advantage buyers.
It was almost trend day today though extension higher contained in second session which left poor value area..Attempt above PDH tmw if fails to sustain and accepts back in value area then could repair today’s poor value area.
Today’s auction confirms that yesterday move was just long liquidation and now its buyers job to get inventory to sustain abvoe 15815 else we will have a session or two to create balance in yesterday range..Swing wise shorts negated now with 15750 probe andv view is neutral now. Above 15815 fresh leg starts with 15750 negation for 15870/15950.Failing to sustain 15815 and back below 15750 could be sell to travel back in the outside day range of yesterday till 15650/15600 again.
For next session, 15720-15740 support band to get PDH swipe to 15775 then 15795-15810.. Further bullish above 15815 for 15835-15850/15875-15890/15920/15950.
If fails to sustain above 15800 then could test 15750 and 15720.Weak below 15720 for 15680/15650-15630 and quite weak below 15620 for 15590/15550/15525/15500-15490.
Important nuance : If we get a move to 15790-15800 zone tomorrow, then focus should be as how good buyers attempting to move above outside day range of yesterday..If they fail then auction is for probing back fully in outside day range.
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