After outside day, last session resolved with lower value and got dPOC skew with sellers..Considered as weakness..Below 18280 they were expected to get further follow through.. NF if opens inside value area then expected poor value area repair holding 18290. NF opened inside value area but could not hold 18280 support and gone for open drive down.
Below 18280 probe was for 18240/18190 then below 18170 move was for 18145/18120/18095. NF gone for straight drive till 18140 then made tight balance and then got extension down towards 18095 and below..Towards close had a sharp bounce negating trend day in making and closed at dVAH.
Auction details from the day :
NF left a large selling tail and gone for large liquidation profile..Ended up at dVAH leaving buying tail at low.
Most of the session it was trend day and towards close negated the same which makes it long liquidation profile. Long liquidation profiles in ongoing strong trend could bring in strength in auction.Unless gap/drive, tough to break this profile low.Good chance we have got a swing low here and first confirmation if starts accepting in selling tail zone of today. If low goes then next large liquidation move can happen.
3rd day of one time frame down.If sellers allowed a bounce at close today only due to inventory adjustment for expiry then they should defend 18260 tmw and accept below 18160 for further follow through down to test today buying tail zone then for much lower probe.
For next session, if fails to sustain above 18250 and back below 18200 could test 18170 and weak below 18170 for 18140/18115-18095 and quite weak below 18090 for 18065/18040/18015/17980-17965.
If fails to sustain below 18140 and back above 18210 could get 18240/18265 and bullish above 18270 for 18310/18340 and quite bullish above 18345 for 18370-18385/18420/18445/18465
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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