NF had a long liquidation profile in last session with 3rd day of one time frame down.Expectation was if 17200 not able to push down then look for upmove above 17320 or 17360. NF had a gap up today above 17360 but could not sustain the gap and gone for open test drive down similar to last session to get VAL..It could not sustain the VAL zone all day on many tests and bounced higher to close at dVAH.
Pointers from today's auction :
Second day of long liquidation profile not able to sustain the highs at open and gone down then exhausted at lows.
Unlike last session today close was bullish at dVAH zone. Buyers if committed then should get acceptance above 17360 for follow through higher.
3days of narrower range auction delivered nice composite balance now..Highly likely to deliver imbalance session next.
Have mentioned in last few days report as well as in commentary that If NF doesnt push below the wide base making around 17220-17250 zone, mean reversion back to 17460 and higher got chances..Today some confirmation for this view with the close at composite dVAH..Focus on this in next session.
17280-17310 support for next session. Failing to scale below and move above 17345 could get 17380/17410 if sustains then 17440-17460/17490 possible..Above 17490 could move to 17530/17560-17580.If fails to stay below 17280 then above 17310 could bounce to 17345/17380/17410.
Move below 17275 could get 17250/17220/17195-17175 and quite weak below 17165 for 17120/17095/17055-17030.
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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