NF had a gap up + FA at low + Neutral extreme spike close in last session..All with buyers at close. They expected to hold spike and VWAP zone to get move higher else move back to to close gap at 17050 then 16920 was bias. NF straight away opened at PDL zone of last session neutral day and negated FA then gone for liquidation. Mid session failed to sustain below 25th value and got clean bounce to IBH then left FA at top to close at dPOC.
Pointers from day's auction :
Yday gap+FA+spike all negated today suggesting 25/04 double print tail buyers made exit in that spike in last session.
All day no exit for stuck buyers from last session.They are still under water..Bounce at close got rejected swiftly and left failed auction at top..As mentioned in commentary, this is solid FA now going forward.As long as this FA is holding pressure mounts for buyers.
Got clean tail at lows which lead to neutral day auction but got FA at top and closed at dPOC..Now, next session these buyers should defend 17030-17015 zone and scale 17115 to get 17150-17200 fill. This 17150-17200 now swing res zone to rotate down back into today's value area..If buyers able to clear this then could see sm rally towards 17290-17320/17365.
Failing to do any of the above, this FA at top could clear today's buying tail fully to get 16935-16920 zone.Value below 16920 means quite solid move downside possible towards 16800 and below.
Charts & 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 :
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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