NF left a buying tail and closed with spike in last session. Had a follow through above spike in morning session with higher value but could not sustain above IBH and gone for test of spike low from previous session then closed at dVAL zone.
NF left a double print tail at top and printed neutral day. Not good for buyers..This neutral day got printed at new range hence fresh leg of auction possible from here..Negate this selling tail for imbalance higher else balance with downskew from here.
NF held the spike low zone on imbalance down today and thats support for next session..What buyers need next is to sustain above 17500 to repair closing hour imbalance then next move above 17610 for bullish auction..Failing to sustain above 17610 could repair poor value area / closing hour imbalance zone and below 17500 more liquidation.
This neutral day happened after mechanically pushed higher day hence below 17500 next good liquidation possible to negate previous mechanical push day from 17410 zone.
Swing long view with 17440 negation next wanted buyers to show initiatve move from 17580 which happened today to tag next zone 17640. As mentioned in commentary, closing the swing long view and going neutral on view now..This is due to potential excess at top and neutral day auction in new range..Swing short below 17470 with 17640 negation for 17410/17340/17285/17210.
Larger view :
Weekly :
NF had a Inside week and 3 weeks of overlap auction.Considering composite structure, another non directional overlap week auction was expected in in 16900-17400 range. Stayed below 17400 just for a day then moved away from last week range for directional move against expectation..Above 17350 if sustains probe was for 17450/17600 which happened quick.
Now double distribution week with thick disbn higher and thin distribution lower with gap as extension in between. Buyers need to get drive/gap early next week to move away from this thick distribution else tough to clear this..If they are able to get that move early, 17800/17900 probe possible then could rotate down to 17650/17500-17450. Failing to get such move higher early could move towards 17470 and weak below that for 17410/17340/17285/17210.
Monthly :
October NF cleared Sep extn handle zone 17450 and now not accepting below that and sustaining above it for second disbn higher..17450 and 17650 now ref for monthly profile to get balance and whichever side accepts could travel that side..Upside for 17800-17900 and downside for 17325/17210/17050-16950.
Note : I consider next session only the Tuesday session and special session on Monday evening I ignore for any of above reading.
Charts :
Daily
Weekly
Monthly
Data :
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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