NF printed neutral day in last session.Buyers had a good attempt with neutral day closing at VAH..Open today was against them well below VWAP of neutral day which lead to liquidation all first session. Zone to defend for buyers was marked at 17090-17120. They had a open drive down from this band from open. Probe was marked for 16995/16850 if fails to hold that band and NF did that in first session with a move till 16865 in first session then bounced higher to test tail and closed at dVAH.
Clean long liquidation profile with new swing low.
Poor value area with anomalies.. Earlier marked 16950-965 from 16/03 as unfinished business zone and expected them to get repaired if buyers failed to defend 17090. This got done today..Now, today's profile left similar zone at 16940 and as long as this not getting repaired any move higher could live for short time only and could be dragged down to repair this zone later.
Buyers for next session should stay above 16980 roughly and look for travel in selling tail of the day with value. Sellers for next session should hold below 17060 and should look for move below 16980 early in the session to repair value area else squeeze possible for them.
Swing wise mentioned no clean swing low and expected new low after a balance..But today itself they got new swing low and this low is good as of now and 16920-16940 swing support now..As long as this holds, we may see sm move higher to test 17120 to decide accept/reject..If accepts 17240/17330-17370/17450 possible in coming sessions. 16920 starts accepting means 16735/16660 next opens up.
Levels wise for next session, if fails to stay below 16990 and moving above 17040 could get 17070/17110-17130 the could rotate down..If sustains then 17170/17210/17240 possible. Failing to stay above 17060 and move below 17020 could test 16980 if sustains then 16940-16920 and should bounce else 16880/16850 and below 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 :
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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