NF left a 3-1-3 profile in last session and expectation after such profile was failing to sustain value area to go for filling value area with overlap inside day profile in next session ; if sustains value area then expected trend that side.
NF gone for filling value area with inside day auction.. It has opened around VAL of prev session and could not sustain in tail zone then gone for Open rej reverse up to probe VAH and met other side tail of prev session. It has then closed above dPOC. Failing to sustain below 15520 expected to bounce back to 15550/15580/15620/15670 and NF gone for this move today to fill value area.
Pointers from day :
NF printed inside day with dPOC skew into close near dVAH..Skew with buyers into close on inside day.. To avoid mean reversion, buyers who had this skew should go for drive/gap and then should go for higher value else another overlap session possible.
It was triple distribution trend day closing at highs.And, rotation factor was 16.. Due to the factors of triple disbn + rotation factor higher + inside day auction, cannot consider this as strength and could consider only as inventory adjustment especially after outside week (emotional run). So, need follow through confirmation to validate today's trending day else retest till 15680 minimum and max till 15630/15580 zone possible in next session.
15520-15490 zone now strong swing support..Weakness on swing trade only below this as of now.Swing trade view now still neutral.Said buy above 15810 in last report which can wait after today's auction as am expecting overlap to continue and need more confirmation to activate swing view.
For next session, 15705-15720 good support and could move higher above 15750 towards 15775/15810 and quite bullish above 15810 for 15840/15860 if sustains then 15905/15950 possible.
Failing to sustain below 15680 and move above 15720 could test 15750/15775/15810.
Failing to sustain above 15790 could test back 15750-15730 and weak below 15730 for 15705/15680 and quite weak further for 15650-15635. Breaking 15620 negates today's trend day move which could get 15580/15550-15530.
Charts and data :
Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members via private blog.
Notes :
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