NF left probable excess at top and closed with dPOC skew down in last session with sellers having edge..Expectation was to get gap/drive from them. NF got a gap down today but could not sustain the gap and gone for drive higher accepting inside yday range..Later, failed to sustain above IBH and gone for two way balanced profile and closed below dPOC.
Auction recap :
Excess which was probable at top yday got confirmed today with PDL break. They need to next look for break of 17050 to confirm short term top confirmation. They had more control today in the form of lower overlap value.
NF left buying tail at low today from 22/03 lower distribution zone..This is buyers zone now..For next session, buyers need to hold this if they want to move higher..Buyers had a control in first session with tail but met with exhaustion/rejection post IBH extension then resulted in two way balance all session and closed below dPOC..Not a good close by them..So, important to defend tail tomorrow and should move higher to get 17300/17360 for bullish auction..Value in this tail could lead to weakness..
Its now clean balance from last 5days auction..About to deliver a imbalance move next in a session or two as balance is almost got into nice bell balance already.So,price could leave away from this balance. 17200-17265-17360 value of this balance..Sustain balance = trend ; Fail to sustain and accept back in balance = to travel into other end and extend further in coming sessions.
Swing short below 17320 met its second obj today at 17125 and 17025/16950 reamins open still. Negation now moves to 17350. This 17350 wide POC of Feb balanced month got 4th visit today and once again failed.Bias for swing from here is that excess at top should get further move down holding below 17350. Swing long can initiate above 17400 for 17500/17650/17800+ with negation at 17250.
Charts,data & Hypos :
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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