NF had a large buying tail then after ease of supply, managed to probe 24th trend day vwap zone in last session and closed above VAH..Observation was that move was with mechanical supports hence buyers if not able to sustain higher, then expected them to fill back value area. NF opened way lower below value area and gone for open auction in tail zone in first session..Later held PDL and bounced to print a neutral day and then closed above dVAH.
Auction recap from the day :
NF held PDL of large tail zone and left failed auction at low today and got neutral day closing above dVAH. Buyers presence.
Inside day. Could lead to imbalance wild session next.
Despite value in last session tail zone they managed to get neutral auction with a move above IBH hence entire lower balance today is sign of demand..Buyers now need to defend value area and move higher above this neutral day to test remaining sellers zone from 24th profile till 17390/17450/17550 kind..Failing to do so and back in value area could retest today POC/VAL zone.
Weekly is making clean large b profile.i.e, large liquidation profile.We may have rally holding value area of today, but odds are higher we could come down towards 17100-17000 zone once again later as swing before sustaining above 17600. This is broader picture to track for session or two. Context is after such sell off and large b profile, any decent rally could be used by stuck longs to make exit which could push NF down again.Will track how value being built for a session or two to decide if this could happen or buyers could run up straight.
Kindly refer plan below for tradeable hypos.
Charts and data :
Current contract
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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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