NF had a double disbn up profile in last session and composite had a skewed wide top..Unless drive/gap, expected probe back to 18240.Buyers expected to sustain 18330 to get drive to probe 18370/18410/18440. NF at open rejected below 18300 sharp and got drive to tag 18370 then probed further well above 18440 via one time frame up then closed below dPOC.
Large buying tail which cleared exhaustion top and made clean range extn higher..18330-18340 zone of this tail now becomes swing support.
Trend day auction of most of session seen profit booking at close..Possible to get balance above this large tail now before next move.
Entire May month balance got clean extn now on all time frames..As long as this tail holds balance and skew higher possible now.Acceptance below 18330 negates view.Immediate acceptance below 18330 by not staying higher calls for excess at top.
Levels wise for next session, looking for balance between 18370-18410-18460..If sustains 18460 could get 18490-18510/18550/18580/18610.Staying below 18370 could test 18340-18330 then should see a bounce else more weakness towards 18300/18270/18200.
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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