NF had wide range long liquidation day in last session with large gap and selling tail. Holding below tail zone expectation was to look for repair of poor value area. Buyers if committed then expectation from them was to accept above 16720 to build value higher in tail zone. Buyers gone for this right at open accepting in tail zone via drive up. Above 16865 probe was for 16910 then 16940-16960 zone which NF cleared straight via imbalance move in first session.They could not sustain after extended grind above PDH and came down to clear IBL then closed at dPOC.
Pointers from session :
NF negated entire selling tail of yesterday session and rejected at half gap zone and gap still remains open. Closing tail fully next day is advantage buyers.
It was neutral day i.e, failed to sustain above IBH and gone for IBL swipe then closed at dPOC. Intra session had neutral control between buyers and sellers. It has left poor value area due to neutral auction. 16720-16920 roughly zone tomorrow to look for another two way balance day and sustaining beyond this range could bring imbalance move.
NF left a buying tail after swiping below morning initial balance low and this tail should be saved by buyers for next session else we could driift down into 20/12 poor value area.
Monthly and weekly in sell mode with value down and daily inventory got too short which got a relief move today..Today's neutral auction suggesting start of fresh auction which is balance as I mentioned in last report. Mentioned that any imbalance higher quick without balance could be sold off and it has happened today leaving still the gap from last session open. So, could look for balance for next few sessions especially with poor value area in last two day's auction.
That view of swing down for more towards 16335/16240 still open as long as we stay below that negation of 17050.
For next session 16830-16850 resistance zone..Failing to scale this and back below 16800 could get 16765/16740-16725 and weak below 16720 for 16665/16630/16580/16540/16510. If fails to sustain above 16940 and moves below 16880 then could get 16840/16800/16765/16740-16725.
Above 16850 could test 16880/16910/16935-16945 and bullish further above 16950 for 16990-17020 if sustains then 17060/17095-17110 probe possible.If fails to stay below 16740 and moves above 16780 then could get 16810/16840.
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