NF left a poor value area and closed above dPOC with advantage to buyers in last session.Failing to get gap or drive above VAH was expected to repair profile via overlap auction. Considered weak below 15810 for 15765 which we had at open and could not sustain below 15810 but gone for overlap auction.. Above 15810 expected a move towards 15855-15890 and NF had a move till 15880 and then turned into thick P profile which closed at dVAL.
Pointers from the day :
NF had a open rejection reverse move up which could not clear PDH and prev gap zone 15890. This 15890 zone becomes swing resistance now.
It has left ledge at 15860 which resisted strong intraday..This becomes ref for intra in next session.
It was 3rd day of short covering..Repeated short covering profiles weaknes the overall structure and turns path of least resistance downside..Buyers need a gap or drive in/above 15860-15890 band to negate this view.
It was inside day closing at dVAL..Edge slightly with sellers into close to test tail zone 15765 to start with.. Post inside day odds are there for imbalance auction.
For next session, 15845-15860 resistance. Above 15865 could test 15890-15910 if sustains then 15935-15950 probe possible and further bullish above 15960 for 15990-16020.
Failing to sustain below 15765 and acceptance above 15820 could test 15845-15860 if sustains then 15890-15910 probe possible.
Failing to sustain above 15860 could test 15835 and 15810 and weak below 15810 for 15780-15765/15740/15710-15690 and quite weak below 15670 for 15645/15620-15610/15580/15550-15530.
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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