NF had a balanced day last session with many factors favouring buyers for further follow through higher..They expected to get a move above PDH to get follow through higher..NF had a slow drive up in morning above PDH but able to print only IB above PDH and could not sustain above IBH.Then got slow one time frame down to test VAL zone then closed at dVAL.
NF left failed auction at top and printed neutral day closing at dVAL.This neutral day happening from 17600 HVN zone is a concern for buyers.It was good opportunity for them today to surpass that with open but they failed to do so and left FA there.
It has left poor auctioned value area and got lot of inventory adjustment at day's low..Buyers need to hold PDL and push higher above 17550 early in session to get move higher..Failing to do so and back in tail zone at low could clear PDL and travel in large gap zone towards 17430-17420/17360.
Swing probe after accepting 17300 was marked for 17430/17490/17600/17800. It has probed 17600 today.. This swing view still intact and negation moves to 17310 now.. One pullback again required to 17560-17580 zone based on today's profile if sustains there then NF could continue higher.If we get this pullback first then negation for long view moves to 17450 from 17310.If no pullback first but moves down below 17450 first means then as said yday 17360-17320 zone expecting to hold to push back higher again to 17450/17550-17580 zone.
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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