NF had neutral + outside day with > 4IB down large spike move in last session with higher volume..Observation was that it was climax move and we could look for balance in spike zone next. NF all day today gone for two way balance in spike zone. Hypo B first part played from 17060 to 17140 in IB then after some balance did second part above 17140 for till first obj 17190+ then remained in balance till close.
Pointers from today :
NF got clean secured low today in the form of large buying tail.This confirms the view that swing low done yday with that large spike move and 16900 now base for coming sessions for a new balance..
It was short covering profile which cleared vwap of yday as well as tested spike high zone at 17200 suggesting balance to happen.
Reason calling for balance and not reversal because it was highly mechanically held and pushed move today..So, likely for short term move and we could get retest of today's large buying tail zone shortly.
Now,the buyers who held mechanically at tail zone all day had edge with dVAH close.They should next hold 17120-17110 and go for drive/gap upside accepting in today's tail at top to move into yday value area..Failing to do so, could clear mechanically held zone of today and travel back in today's large buying tail zone to retest today's buyers..
Suggested yday that no big rally down with large gap remains unfilled higher between 17314-17488. Today's auction confirmed the same view..So, next few sessions we could see the tossing between 16900 and 17350 zone and extreme case 17480-17520 band upside then rotation down possible..
Need to create value below 16850 to look for 16650/16450/16200/16050 till then looking for balance as said above.
Hypos : Have given tradeable hypos in this public report for enough days to show how to draw them based on previous session auction and context..Decided not to publish hypos henceforth and prefer to keep it only for members.
Charts & 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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