NF left a short covering profile with large buying tail in last session. Buyers next expected to clear this P early in the session.Move above 19525 expected to probe 19550/19575..This got whipped despite higher open and tested tail of last session by end of IB period then bounces failed to get follow through which pushed down for close.
Inside day.
Range and volume below average.
Partial acceptance in last session buying tail with dPOC skew down and closed there at dPOC..Data wise not much of supply at close..Whatever supply pushed dPOC down at close should get early drive down holding below 19515/ or get gap down, else squeeze possible above 19515.
We are still inside large composite balance now and buyers got favourable open today but they failed to push higher..Above 19515 in next session they could make attempt again to push higher above balance in making..Not able to do so, could continue in balance.
Levels wise for next session, move above 19495 could get 19515/19540/19575 if sustains 19605-19620/19650-19665 possible. If fails to sustain below 19420 and move above 19465 could get 19495/19515/19540. Weak below 19445 for 19420/19390 and more weakness below 19380 for 19345-19335/19305/19275.
Charts and data :
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 :
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