NF had failed auction at low + Neutral extreme close in last session was suggesting buyers had edge at close and they were expected to look higher defending upper distribution. Buyers got the clean gap up and moved higher but could not sustain then gone down to close gap and test extension singles and bounced from there to remain as long liquidation day.
Considered bullish above 18165 for 18210 which happened via gap + small push. Above 18220 expected more which got whipped. 18070-18090 was kept as support zone which defended today and pushed higher for close around dPOC.
Pointers from the day :
Clear case of long liquidation day with some exhaustion at top.
Friday buyers are yet to be violated clearly as extension singles of Friday pushed NF higher today. As mentioned in commentary, no supply today and extension singles of last session i.e, buyers defended today. So, bias is sideways to upside as long as we defend today's tail zone and looking for move higher towards today's upper zone..will give another day to check if buyers planning for a move higher or will give up Friday auction.
18100-18090 support zone for next session.Failing to scale below and accepting above 18170 is bullish for 18195-18210.Further bullish above 18225 for 18250-18265 if sustains then 18295/18320-18335/18365-18375 probe possible.
If fails to sustain above 18190 and accepts below 18140 then 18110/18080 probe possible and weak below 18070 for 18045/18020 and quite weak below 18005 for 17980/17955-945/17920.
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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