Neutral extreme up day in last session with spike close..NF had a whipping open auction around spike low zone then started accepting in spike post IB and later got range extension higher.Considered weak below 19815 for 19780 and more which got whipped in that open auction..Not staying below 19820 and moving above 19845 expected to probe 19870 then above that marked for 19930/19970-19980. NF gone for this entire probe then closed at high.
Triple distribution up trend day.
3IB day with good volume.
8th day of one time frame up and swing support moves to 19820 from 19735.
Elongated profile with no proper distribution hence odds are higher for repair of today extn most part before next big move. that view suggested yesterday that we are reaching upper end of monthly second disbn they are planning. Expected today or tmw for range high to be marked for mean reversion move..Same view after today's auction. If today the high is not printed then 20010-20020 or max 20060-20075 two zones am looking for rejection to revert to mean and balance for few sessions.
To negate above view what buyers need in next session is to sustain higher holding today's third disbn to get range extn and then develop value higher and once done never come back below POC of today's auction.
Levels wise for next session, move above 19980 could get 20010/20035 if sustains 20065-20075. If fails to stay below 19910 and moves above 19935 could get 19965-19975/20010/20035.Failing to stay above 20010 could drop to 19965/19940 weak below that for 19910-19895/19865-19855 if sustains 19845 then 19815/19780-19770 possible.
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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