NF failed at swing res zone and closed at dVAL in last session which was considered weak. Also had back to back short covering profiles so unless buyers take the last session profile, auction was expected to mean revert to close the gap of yday. NF had a open around PDL and then bounced to VAL of last session and failed to sustain there which lead to push for gap close at 17690 then bounced back to have balance all sesssion then closed at dPOC..
NF left 3-1-3 profile with tail at both ends and balance with poor value area in between..Sustain tail = trend else repair poor value area by tagging value area extremes early in the session.
Large gap of last session closed now and got double print tail at low..Weak tail imo and dPOC skew down at close..Advantage sellers to look for downside move..
Sellers need to stay below 17840-17875 in next session to get 17720-17700 and push below 17700 for 17640/17570/17540-17520..Buyers need to hold above 17650 to get 17820 and then push above it for 17875/17950. Quite a chop possible between 17820-17700.
After last session, context wise probe was marked for 17750/17650 then expected balance and this has happened today..Staying above 17650 buyers game now else solid liquidation down to 17540/17440/17330/17250.
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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