NF had long liquidation profile in last session. Below such b profile expectation was to have next leg of long liquidation. Considered weak below 16930 for 16895/16865/16830-16820. NF got open drive down below PDL and gone for this probe via quick drive down till 16840 but rejected swiftly from previous FA zone, which failed the drive and lead to all day trend day closing at high. Failing to stay below 16980 and back above 17020 probe was for 17080/17120/17150.NF gone for this move all session till 17130 and closed at high.
Pointers from the day :
NF printed large buying tail then registered a clean trend day closing at high. Buyers back in control.
After 300 pointer day could not clear 17100-17150 res zone today but buyers got dPOC skew with them. Not able to sustain below 17100 and accepting above in next session could move further higher. As we got full of tail zone upside, move could be slower and sluggish.
Buyers if gets follow through after today's session then 17230/17400 opens up. Once moves higher above 17150 their support moves to 17080 to meet above said obj.
Buyers failing to create value higher in tail zone above 17150 or after creating value if accepts below 17100 POC zone then we could look for repair of today's profile till 16980-16960 zone..Better to focus with follow through with buyers in first session and any failure could be focussed in second session tmw.
17050-17080 support for open in next session.Failing to sustain in/below this band and back above 17110 could get 17135/17160 if sustains above 17165 could get 17190/17235-17260/17295/17340 probe.
Failing to stay above 17150 and back below 17080 could test 17040-17030 and weak below 17030 for 17005/16980-16960. If moves below 16940 could get 16905-16895/16865-16855/16830-16820.
Charts and 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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