NF stopped 5days of one time frame up and had 3-1-3 profile in last session. NF opened around POC zone and got the drive today to PDH then spent almost entire session around PDH zone and managed to close at dVAH. Acceptance above 18305 was for 18335/18365 and they got till 18350 on a sluggish day. If fails to stay above 18340 and move below 18300 expected to get 18260 and below to repair value area, which got whipped.
Pointers from the session :
It was short covering profile.
Buyers expected to get above 18305 for fresh leg upside and they got today but volume was quite poor..Just around 43L against 10day average of 77L - half the average. They need to get drive/gap above this short covering profile for more upside and once moved away from short covering profile,should not get back in the value for more follow through.
3-1-3 outside day profile as well last 3days nice balance resolving higher side..Another session to decide if they want to rally or just expanding the range of balance.
18350 high of today is weak high from Oct..When it printed FA there in Oct itself it was weak high and today's high made it more weaker..So, one more push possible higher.
For next session, 18280-18310 support band. Not accepting below and scaling higher from this band could get 18350 if sustains then 18385-18395 possible.Above 18400 for 18445-18465/18495/18535.
If fails to stay above 18390 and accepts below 18320 could probe 18280-18260 and weak below 18260 for 18235-18225/ 18190/18165.
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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