NF created value in spike zone in previous session which was bullish sign.And left a well balanced profile indicating possible imbalance move for next session. NF got a clean gap up but could not sustain and follow through after gap up tick. It has gone for quite tight range auction testing previous day range and then got liquidation break.
Failing to sustain above 15260 expected to test 15220/15180 and below 15175 probe was for 15150/15130. NF on liquidation down move gone till 15160 then bounced to close around VWAP/above dPOC. Failing to sustain above tail zone and back in value area was expected to probe entire value area and NF gone for this move today.
Pointers from the day :
NF got a selling tail after gap up and gone for liquidation move.
NF left a poor value area due to choppy auction post liquidation move..
Today’s auction suggesting no real supply and only weak longs after gap up got cleared.Due to this factor of long liquidation and then poor value area, looking for a small balance in overlap with last two days range for tmw.
NF expected to get 15340/15400 on swing view and this view still on though trail at 15170 got whipped today.As mentioned yesterday, reversal down only if 15120 goes..Till then this is for sideways to upside skew move only.
Price wise for next session, 15180-15190 support to test 15250-15255 if sustains then 15280-15295/15330 probe possible. Quite bullish above 15345 for 15375/15415.
Failing to sustain above 15280 could test 15250/15210-15190 and weak below 15180 for 15150/15130 and quite weak below 15120 for 15090/15060/15035/15010/14980.
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 :
a) Check glossary page in website if any of the terms used in the post are not clear.
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