Short covering P profile in last session..Buyers expected to get follow through earlier which they have done via slow drive..Staying above 18340 probe was for 18410 then expected rotation back to 18350/18320.NF probed 18410 then spent almost entire session and only whipped higher to rotate down back to 18350 for close.
Failed auction at top.
Narrow range lower volume no demand day.
45 degree move away from wide POC.
NF left short covering profile day yday and today despite having higher value day met with heavy exhaustion and printed neutral extreme down day..
Two ways this could go for next sesssion a) hold 18320 and probe between 18320 and 18410 and sustains there means push higher b) Staying below 18380 some balance and accepting below 18320 could move towards 18240/18200 tail zone of yesterday. Am leaning on probe of 18240 as long as we do not accept today's FA at top.
Levels wise, not able to accept below 18320 and moving above 18360 could get 18390-18410 if sustains 18440/18470 possible. Failing to stay above 18380-18400 band and moving below 18370 could get 18345 and weak below that for 18320/18290/18250-18240/18210-18190.
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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