Buyers had a triple distribution trend day with with dPOC skew at close..To avoid repair of profile, they expected to get a move higher further..NF opened with large gap up and gone for tight range in upper quad and later met with liquidation then closed below dVAL..Entire range was beyond all hypos planned.Hypo B second part they played for IB.
NF got poor high with ledge at top. Sign of exhaustion. Technically, its FA at top with neutral auction with IBH and IBL swipe..But due to not a clear auction above IBH, considering the top as poor high. Such poor exhaustion highs first lead to removal of weak hands then get repaired later.
NF gap today remained unfilled during liquidation and got tail at low but still closed below dAL.Weak. Buyers of this tail, need to defend tail+gap zone and accept in value area.Today was one of quite poor value area profile and need a repair.If they fail to sustain in value area but goes for filling the gap and accepts below POC of yday trend day then that profile could get a repair..
We have large range of 16240 to 16750 now which need a fill/repair. Odds are there few sessions could go for filling this range.
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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