NF after two way auction in last session with value overlap,observation was that rally higher got less chance and expected balance to take place.This view gone wrong and rally happened today above 16600 negation kept for the view.It moved to momentum mode now above 16600. Above 16525 probe was for 16555/16580-16590 then considered quite bullish for 16640 above 16600. NF gone for this entire probe till 16640 via double distribution profile and closed above dVAH.
Pointers from today’s auction :
It was double distribution trend day up. NF rejected from 16495 previous session POC zone and gone higher with buying tail and created lower distribution till 16570 then got extension later towards 16640.This extension zone 16570-16550 now good swing support.
It was late second distribution today hence important for buyers to create value with overlap or higher to this upper distribution to justify the extension.As mentioned above 16570-16550 zone they need to defend.If this band gives up then it could repair anomaly left in lower distribution of the day.
Swing wise acceptance above 16600 today opened up probe towards 16720/16760/16790.If gets a chance to enter around 16645 in next session this could be still considered to go long with 16550 negation. Once moved to 16690 zone could move the negation to 16590. Swing short now only below 16550 for 16450/16335 with 16640 negation.
For next session, above 16645 could probe 16680-16690/16715 if sustains above 16720 then 16745-16765/16790 probe possible.
If fails to sustain above 16690 and back below 16610 could probe 16570 and weak below 16570 for 16535 and quite weak below 16535 for 16510-16490/16465 if sustains then 16430/16410 probe possible.
Charts and data :
Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members via private blog.
Notes :
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