NF had a buying tail at low and closed with minor spike in last session..Failing to hold 17550 expected repair of poor value area..NF gone for this today repairing entire value area of last session all day then closed at high.
It was short covering profile. Quite a good intent from data favouring buyers. They need to again defend same ref 17550-17575 and look for accepting higher above PDH to get gap close zone 17690-17710 and further higher..Failing to do so could call for liquidation to test PDL zone.
3days of clean bell balance composite now and also inside day today..Higher odds for imbalance session next.Sustain above this composite = trend ; failing to sustain higher and back into value area = mean reversion back to other end of value area and range.
Back to back days buyers defending at lows and closing higher.Decider tomorrow if this is real intent or related to settlement.Unlike yday intent was good at close today.So, its buyers job next to have all day higher follow through session next..
Swing wise after seeing last session auction and data suggested that one move down back possible to 17450/17350 and we got till 17495 today..Now,same 17550 ref and have to sustain and move higher towards 17710-17740 and thats solid res to rotate down to 17600/17550-17520 goes means quite weak for 17420/17350/17250. Acceptance above 17740 could move towards 17840-17860 zone which is quite heavy resistance again.Solid reversal above this band back to 17940/18100.
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 :
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