NF printed excess tail at top and had long liquidation profile in last session.Expectation further from that excess was to get lower value profile next and below such b profile next long liquidation was expected. NF rejected from POC zone and got drive down with early liquidation in the day but could not sustain IBL.Later and got clean short squeeze move till close testing excess tail zone and closed higher. Hypo E worked on downside from 17130 to 17050 then Hypo C worked on long side from 17210 to 17350.
Auction recap of the day :
NF failed to sustain lower below PDL and IBL and got short covering auction after leaving failed auction at low..
It was neutral extreme up day - sellers failed by end of the day.
POC way down at close and price moved 45 degree away from wide POC..Buyers next need to get higher value then sustain higher value all session else price could drift back to POC.
It was quite a large extension singles inside well auctioned last two days zone..Rarely they stay as is without repair for long time..And also a neutral extreme day..So, buyers if they want to seek higher better they do via gap or drive and once done never enter back into today's range..If does then repair of extension singles possible.
That gap from 17028 still remains open and delivered FA in that gap zone.17350 wide POC of Feb balanced month and 3rd time we are testing that zone today..Buyers job now after FA today is to sustain above this 17350 POC zone to get a probe further into Feb value zone till 17500/17650/17800+ next. Once moved well higher then 17320 becomes swing support..After failing to sustain higher and breaks 17320 means swing short for 17220/17125/17025/16950.
Charts,data & Hypos :
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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