NF had a neurtal and outside day with FA at low in last session.Buyers next expected not to accept below POC or VWAP but seek higher away..Failure to stay higher expected overlap and repair of last session profile.NF today opened way down from close and right below VWAP of last session and gone for slow drive down with liquidation in A period..Then all day remained in IB range and effort to move higher above IBH got rejected to remain in morning balance range and then closed at dPOC.
Auction recap :
NF negated two distribution of last session and had overlap in lower distribution..This is weak sign but still could not negate FA at low and IBL held all day..So, kind of mixed signals as liquidation could have easily tested FA but lack of supply was there after morning drive down.If no liquidation in next session then likely to hold in the balance zone of last few sessions as more filling required.
NF closed at edge of this balance in making with dPOC skew for composite..If gets gap down or drive down to clear FA at low then liquidation possible. In that case, should have all day lower value session and should not accept back in today's inside day range/value.If happens, then another overlap session/reversal upside possible.
Inside day + well balanced profile today so odds are there for imbalance session next.
Have mentioned in last report that 17600-18250 broad range roughly now for next few sessions to spend time and balance. Same view still.
Swing long now got negated at 17750 after meeting first obj zone 17950. Prefer to stay neutral now on swing for a session.
Charts,data & 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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