NF had a trend day closing at high with buyers in clean control on Thursday.It was triple distribution trend day with elongated profile and dPOC skew at close with emotional run. Buyers if still committed then expected them should not rotate below POC and should go for acceptance higher further early in session. NF did that with gap up and open drive again.
Above 17865 probe was for 17890-17910/17950 and NF probed till 17935 in IB period. Later attempt to scale IBH failed and then dropped to close gap and remained in two way auction to close at dVAL.
Pointers from auction :
NF made new ATH and left poor high at top. Till we get secured high above 17935 any move down got higher risk attached on short side.
It was two way auction resulting in balanced profile which could lead to imbalance session next. Buyers had weak close with dPOC skew down and close below dPOC..Failing to scale 17890 buyers could face some liquidation and accepting 17890 buyers could seek for follow through higher.
NF tried to sustain below 17835 previous trend day POC with many attempts and could not get follow through.. Acceptance below this in next session with value could go for repair of 23rd trend day profile.
For next session,17875-17890 resistance. Scaling this band could get 17935-17950 and further bullish above 17965 for 17990/18020.
Failing to sustain above 17875-890 could test 17825 and weak below 17825 for 17800-17785 and quite weak below 17770 for 17740-17725/17690.
Charts :
Daily
Weekly
Monthly
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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b) If images are not clear, click on them for enlarged view.
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