NF resolved higher on Thursday post trend day and outside week profile on Wednesday and closed above dVAH, control with buyers.It got a clean gap up on Friday and buyers extended the probe higher in starting session till D period. Above 17690 probe was for 17750 and it made high 17800. Later failed to sustain IBH and gone to to close gap with probe below IBL marking neutral day and closed at dPOC.
Pointers from the day :
NF left a selling tail at top. And, the way it has left tail and probed IBL quick, its now potential short term excess to hold for few sessions.
Volume was quite higher on wide range day adding conviction that above said excess could hold for few sessions.
It was neutral day i.e, both IBH and IBL probed and sellers pulled dPOC down into close and price closed at dPOC.Advantage sellers at close. They need gap/drive for follow through else some squeeze to fill the value area.
It was 5th day of one time frame up.Buyers from neutral day got buying tail.They need to defend tail and create value above POC else more liquidation down.
Swing objective both 17650/17750 met now. Swing shorts now could be taken in band 17560-17650 (depends on trade location could intiate in two phases) with 17800 negation for 17430/17200/17070.
For next session, 17650-17675 resistance.Accepting this and scaling 17690 could get 17740-17750/17780. If fails to sustain below 17540 and moves above 17600 then could get 17650/17680
Weak below 17570 for 17540 /17510/17480-17465 and quite weak below 17450 for 17410-17390 is sustains then 17365/17330/17300/17265-250 probe possible.
Charts :
Daily
Weekly
Monthly
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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