NF after close of last session lead to a observation that weird auction trapping buyers leaving mechanical supports all day.So,failure from buyers to get follow through expected to get liquidation in next session. Suggested till we clear those mechanical supports long side was risky.NF had a failure at PDH and got open rejection reverse down move to stay in liquidation mode till mid of session clearing last 3days low then turned into b profile to close at dPOC.
Long liquidation b profile. Hold this low zone and sustain higher for balance else more liquidation below this b profile.
Lack of momentum in broader market and another mechanical support seen today..Buyers have to accept above 17840 early in session with value and once done should not fall back in today's value area..If fails to sustain higher with value then looking for test around today lower zone again tmw.
Levels wise, not accepting below 17780 and moving above 17820 could test 17850 if sustains 17850/17880/17920 possible. Failing to sustain above 17880 could drop to 17850/17815 and sustaining there is weak for 17780/17750/17725-17700.
Swing wise considering mechanical auction of last session, suggested odds for 17780/17750 probe which is done now..Looking for 17750 to 17950 chop now. Once we started creating value below 17750 could look for imbalance down on swing..Will wait for a session tmw to draw levels.
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 :
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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