NF left poor value area in last sesion and buyers had edge at close.To avoid repairing poor value area they are expected to go for gap/drive. NF had a gap up today and post gap and mini drive did nothing and gone for narrow range balanced auction then closed at dPOC.
Pointers from today's auction :
It was one of lowest volume in 2-3 years for NF and range was also narrow today. Suggesting lack of demand at upper end of balance in making.
Balanced session which could lead to some imbalance session next.
As mentioned in commentary, dPOC skew to lower quad of the range at close = sellers got slight edge at close.
Today's profile suggesting lack of demand as mentioned above and we have poor value area profile down from yday. Swing shorts could be intiated below 17360 for 17300/17260/17200 with negation at 17450.
For next session, 17405-17425 band resistance after a dPOC skew down into close today. Failing to accept in this band and breaking 17365 could get 17330/17300/17260.Further weak below 17250 for 17200/17160-17150.
Bullish above 17425 for 17450 if accepts 17455 then 17480/17510/17540 probe 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 :
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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