NF printed lowest volume day in last session suggesting lack of demand at upper end of balance in making. Sellers had slight edge with dPOC skew down into close. It was nice balanced session and odds were there for imbalance session today. NF opened flat and could not push below POC.
It has gone higher instead to get extn handle around resistance zone kept for the day. 17405-17425 band kept as resistance and above this considered bullish for 17450/17480/17510/17540. NF got extn handle there at 17420 and gone for trend day to clear all the objective till 17540.
Pointers from the day :
After seeing a no demand day in last session, NF today got fresh inventory with good volume.
It was clean trend day auction with buyers in full control till close.
NF moved away from 7days balance via trend day hence 17450-17420 band now good swing support.
It registered outside week now with today's move. Holding above said support band, could look for sideways to upskew from here.
dPOC skew into high at close with edge for buyers.They need to get drive/gap to avoid any rotation in second session imbalance zone of the day. Failing to get gap/drive and accepting below POC could go for balance till 17480-17460 zone to create value in that imbalance zone.
Swing wise 17650/17750 opened up after today's extension on daily. Negation at 17400 for this view.
For next session, 17525-17505 support and holding this could move to 17570/17595 and further bullish above 17605 for 17635/17660/17700.
Failing to sustain below 17470 and back above 17495 could get 17525/17545/17570.
Failing to scale/sustain above 17545 and back below 17505 could get 17480-17465 and weak below 17450 for 17425-17410 and quite weak below 17390 for 17365/17330/17300.
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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