Buyers had clean triple distribution 3IB trend day in last session with dPOC skew at high giving edge to them at close..Buyers expected to get gap/drive for further follow through else repair of yday profile expected..They had a open above PDH but could not sustain and started accepting in extension singles of previous trend day in first session and later gone for liquidation repairing entire trend day profile to clear PDL and then closed below dVAL..Hypo A whipped today on long side..Hypo F and Hypo E first part played fully from 16870 to 16580.
Pointers from auction day :
NF negated triple distribution trend day auction of previous session with outside day..This auction suggests end of buyers move..As long as we dont accept above this outside day with value, sell on rise for few sessions from here for balance/skew down..For next session after outside day, stay away from range for trend else chop inside range.
It was 3IB down day..Back to back 3IB days, yday up and today down..Could lead to balance further now atleast for a session.
NF left a buying tail at low..They need to scale 16750 for this tail to test extn handle/upper distribution of the day...Failing to do so could get retest on tail zone and giving up tail could get further liquidation down..
Price moved 45 degree away from POC.. Price has to run back to POC and sustain higher else value could be built lower in lower distribution to bring down POC in next session.
Mentioned in last report that important candle for March was printed yday and 16800 became swing support.. Today they held that in first session but later gave up.. Probe of 16650 first obj done below 16800.. Holding below 16950 now could wait for next swing obj 16480/16250 after today's auction.Any bounce from here on swing is a sell for a move back to 16650 which could be pivot now and more and more we accept below 16650 odds increase for 16480/16250 extreme case 16150 in few sessions.. Sustaining above 16950 opens up 17050/17150/17300/17500 with 16800 negation.
Charts,data & Hypos :
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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