NF had a failed auction at low and closed higher in last session which was considered strength as it has happened post shake down day. Being a neutal day, expected 15780-15800 to hold to get upside follow through further. NF marginally whipped 15780 and then negated the slow open drive down move and started moving up. Below 15780 expected 15750 which got whipped.
Failing to sustain below 15780 and accepting above 15820 expected to get 15850/15875/15905. NF gone for this move till 15890 and then settled below dPOC.
Pointers from the day :
NF printed 3rd day of one time frame up and fully negated 08th down trend day auction. Buyers in control.
Buyers who printed FA at low yesterday was keen to defend auction today and left poor value area and poor structure in the process of doing so. It was thin imbalance lower with wider disbn higher with many anomalies in the profile as well as mechanical lows all over. As discussed today, they have a purpose of clearing weak high at ATH now hence managed the auction today.
Today dPOC also skewed higher into close. So, its buyers job tomorrow to defend 15840-15825 zone and push for move higher to complete the auction early in the session above PDH first then clearing weak ATH. Failing to do so, all this poor structure could be repaired.
Swing Long triggered yesterday at 15820 met its first obj 15880 today and remaining obj are 15950/16020. Negation now moves to 15780 and once 15950 is probed can move negation to 15850.
For next session, 15840-15825 support to get 15895-15905 and above 15905 could move to 15935-15950.Above 15960 could get 15990/16020.
If fails to sustain above 15950 and back below 15870 could probe 15840-15825 and weak below 15825 for 15795-15785 and quite weak below 15780 for 15750/15730/15700-15680.
Charts and data :
Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members via private blog.
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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