NF held the gap zone and left buying tail then short covering profile in last session..Buyers for follow through higher expected to get gap or drive after such P profile. NF got a clean gap then drive for IB period today and then remained in IB range all session and closed above dPOC.
Large gap up and higher value day clearing ongoing month high.
Monthly was in quite a chop balance which got extension higher today.
Inside week resolved higher with extension.
Balanced day follow up today post short covering profile day.
dPOC skew at close higher and closed above dPOC..
All above factors favouring buyers at close..Looking for follow through higher further..Buyers need to defend 17470 and look higher above PDH to deliver a imbalance session next..After today's auction of narrow range balanced day, imbalance next is expectation. Failing to get higher and accepting below today's value area could travel down to PDL then liquidation possible below PDL to clear weak longs in the gap zone and once done expecting buyers to respond to push it back higher.
Swing probe after accepting 17300 was marked for 17430/17490/17600/17800.. NF probed 17490 today and remaining objectives are open..Negation now moves to 17285 from 17190. If no follow through higher next after today's profile and any move back to 17360-17320 looking for rejection to continue the swing up move. Weakness as of now only below 17285.Accetance below 17285 straight from here could mark today's profile as excess for the month to look for deep cut downside.
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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