NF had a neutral day with 3-1-3 profile i.,e clean two way balance with tails at both ends in last session. Expectation was, sustain value area = trend ; Accept value area = probe entire value area..NF opened above VWAP of neutral day at mid of value area,pushing shorts to cover and reached above VAH zone.But could not sustain above VAH of 3-1-3 and then gone for entire probe of value area in IB itself..
Considered bullish above 17370 for 17420/17450 which happened till 17430 then came down..Failing to stay above 17340 expected drop to 17270 then below 17270 probe was for 17240-17225 this was done in IB period..Then it bounced back into value area to reach VAH slowly and agian at close came down to close below dVAL..
Pointers from the day :
NF got clean selling tail yday and they kept it down today with lower overlap value and range extn down.. They again distributed at upper quad today to push it for close below dVAL..Clean control from supply..
It was another 3-1-3 profile today with tails at both ends and nice two way balance in between tails..Same rule tomorrow too..Sustain value for trend else accept and probe back value area fully..
With the close below dVAL again edge is with sellers as mentioned at closing commentary and they should look for drive/gap down and should not allow probe back in value area..If allows, then another overlap session possible.
Weekly is turning out now DD but with skew wider at upper disbn with wide POC at 17360 now..So this zone could act as resistance on first test if moves higher and could send it down..As long as yday tail zone holds, with this wide POC and wide upper disbn with good volume, swing wise looking for test of 17150/17050 as mentioned yday to look down into extn singles and naked POC down from 15/02. Acceptance of 17360 could make it quite choppy and still not expecting any major rally..
For next session, failing to scale/stay above 17360 could drop to 17290 and weak below that for 17250-17225/17180-17165/17125-17110. Quite weak below 17100 for 17070/17030/16980/16950.
Failing to sustain below 17260 and accepting 17320 could get 17350-17370, bullish above 17370 for 17410-17420/17450 if sustains then 17490-17500/17550/17590/17650 possible.Failing to stay below 17150 and back above 17240 could move to 17280-17290/17325/17370/17410-17420.
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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