Clean trend day clearing Feb low on wide range higher volume day in last session and observation was that swing low was not done yet.Suggested to stay cautious on long side and expected more volatile auction in coming sessions.NF delivered one such session today with wild swing and in the process cleared PDL and moved way lower then closed as b profile at dPOC.
Long liquidation b profile.Swing not done yet..Two ref for sellers for next session.17170 then 17220..Not able to clear them could go for balance in value area of today..If 17220 accepts, then some balance possible for a session or two then could look for new swing low later.
Volume good last two sessions.More liquidation if we accept below today VAL zone 17090.
Push higher into yday extn singles zone failed to accept and rejected..Next attempt there could call for balance and skew higher into extn singles of trend day 13/03 to build some value.
Levels wise for next session, 17090 ref zone downside and 17170 upside as immediate res. Below 17090 could look for liquidation towards 17050/16980-16960/16920. Not accepting below 17090 and moving above 17170 could test 17220/17260 and rejection possible there..If accepts then slow skew higher move towards 17330/17370/17420/17450 possible.Not able to sustain above 17350 and back below 17270 could drop to 17240/17200/17160-17135.
Swing short from 17400 met 17070 today and missed next obj 17050.Negation now moves to PDH 17280. Holding this same obj 17050/16980/16850-16800 looking for. If takes out 17280 then neutral for a session or two.
Bias as of now for swing two scenarios a) hold 17220 and continue down or b) accept 17220 to mark range high either around 17370 or 17450 then make balance between that high and today low for few sessions then later make next leg down..Any meaningful reversal only after seeing value building above 17450..Till then sideways to down bias.
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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