NF had a long liquidation b profile at close of the week with weak low.Without repairing 19420 suggested risk was there on long side after such weak low close. NF opened with gap down then had a good drive down..Marked weak below 19495 for 19390 if sustains 19335-19320 expected.NF done this entire move till 19320 in first 10mins of open then all day remained in slow skew higher auction with pullbacks which closed gap then closed at dPOC.
Value down rally higher day after moving below 6weeks balance low.dPOC skew higher close hence buyers need to act fast next session with drive or gap to stay higher and once done do not accept back in value area. Failing to do this could go for repair of this value area.
Poor value area and anomalies left in profile.So, we will be having balance only still for swing ie. two way auction on daily profiles to continue. Retest of this swing low could be done if not quick may be after few sessions. 19540-565 same weekly res. Buyers next should go for sustaining this band to delay repairing poor value area left in last session. Failing to sustain this band on swing could lead to move back to 19360-19330 zone.
For next session, 19430-19450 immediate support band.Holding this and moving above 19495 could get 19520/19545 if sustains 19575/19600/19630 possible..Further bullish above 19640 for 19675/19700.Not able to stay above 19560 and move below 19500 could get 19475/19445-19430 and weak below that for 19400-19390/19365/19335-19320 if sustains 19290-19275/19225 possible.
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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