NF left 3-1-3 profile last session and observation was that weak buying tail and close was advantage sellers to get downside move..We had gap down which closed gap and then attempt at 3-1-3 value area failed which pushed down in first session.Sellers case was marked as push below 17700 to get till 17540-17520 and thats what happened today in first session and then bounced to clear IBH and failed again to sustain in last session value area which gone for close at dPOC..
It was neutral center day at range extreme as of now with secured high and weak FA at low, due to same low at many times printed swing low zone as well as poor auctioned low today for a neutral auction. As mentioned in closing commentary bias is to look for downside with this neutral day auction.
Sellers had upper hand at close with neutral center close and for next session,they need to stay below 17650 to test 17570 if sustains then PDL and below liquidation possible..Buyers need to defend 17600-17570 and push higher to get 17650 if sustains then 17710/17760 possible further stays higher means 17810/17840 possible for them..
Swing wise 17720-17760 now solid res zone to get 17540/17440/17330/17250. Above 17760 acceptance could get 17840 easy with 17650 negation if sustains 17840 then 17950 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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