NF ended with spike up in last session giving edge to buyers edge at close. Spike rules were in focus at open today. NF opened at PDH zone and managed to hold spike zone then started building value higher. 17520-17530 zone was kept as support which held at open auction.Holding that zone and scaling 17565, probe was for 17590-17610 which NF tagged in first session then remained as balanced session to close at dPOC.
Pointers from today's auction :
NF managed to stop one time frame down of last two imbalance sessions with range extension higher above PDH.Sign of supply easing off.
Its 3-1-3 profile today i.e, nice balance with tails at both end. Sustaining value area = momentum ; failing to sustain balance and acceptance back in value area could fill the value back.
NF tested FA zone of 20th but could not clear it and closed at dPOC on higher value day. If those sellers who created FA on 20th still commited then should look for sustaining below today's balanced value else could look for upmove further.
3days of imbalance move all over lead to balanced session today. Likely to resolve again with imbalance in next session.
Due to spike, NF travelled 45 degree away from dPOC yesterday.Buyers pulled value higher today justifying the spike move. They need to defend today's value and look for clearing FA at 17615 to move further higher.
Swing shorts from 17560 tagged first obj 17430 and stopped today at 17610. Fresh shorts now below 17480 with negation 17560 for 17410/17350. Swing long above 17615 with 17510 negation to get 17675/17740.
For next session, same 17520-17530 support. Failing to sustain below this zone and scaling above 17565 could get 17595/17620 and bullish above 17620 for 17650/17675.Above 17695 could get 17740/17780.
If fails to sustain above 17600 then could drop to 17560-17545 and below 17545 could get 17515/17480/17450/17410 if sustains then 17375/17330/17300/17265-17250 probe possible.
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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