NF had a gap down open today but could not sustain the gap and started accepting in previous day imbalance range for entire first session then later pushed higher for spike close into value area of last session. After a neutral day, better to get early follow through on neutral day direction else chances of follow through gets reduced and travel back in neutral day possible mostly..NF done this today.
NF could only fill part of large gap and left buying tail then moved higher today..
Spike up close..Spike rules for next session. 17503-17560 spike zone..Stay in / above spike zone = strength ; Stay below spike zone = weakness.
Buyers all day had quite a mechanical defense and done the job..Now, swing wise they need to defend 17440 for further move higher.Break of this level confirms buyers no more got commitment.
3days overlap now..For intra next session, 17510 and 17470 good support zone..As long as this holds, buyers could go higher to test FA zone left at 17600 if accepts there then more upside.
Weakness below 17470 or failing to sustain above 17600 and back below 17510 is weak to clear all mechanical support ref left from today's auction..
Being spike away with 45 degree move from wide POC, buyers job for next session is to create value higher and once done extend higher further and do not come back to value area if happens then quick imbalance move down possible.
Swing view mentioned yesterday that any move down means then possible to get buyers reponse from 17360-17320 for the move back to 17550-17580 zone from yday profile unfinished auction probe zone.. NF got this move from 17385 itself to revisit the zone of 17550-17580 from yday profile. Now they need to show initiative move to clear above this band next for more upside.Swing negation now moves to 17440 and as long as this holds, 17640/17750-17800 objective for swing long view.
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.
Comments