NF had neutral extreme up day with buyers in control at close with large inventory shift on Thursday. Observation was that auction incomplete at close and 16250 considered minimum objective for that large inventory. NF had a clean gap up above PDH and 16250 in last session then gone for two way well balanced auction finally closing at day high.
Buyers of Thursday session held the gap and then printed FA at low in last session and lead to another neutral extreme up day.They are still in control of auction.Mentioned in last report that sustaining 16250 could get 16350/16450.They tagged 16350 now and holding 16200-16250 this got legs to get 16450 next.
It was higher value day with nice bell balance which could bring in imbalance next.
This Gap + FA is now good swing support.Weakness any only below this zone now on swing.No value above 16350 and clears 16200 means could probe back into Thursday session till 16060/15980/15920. If moves higher towards 16450 means 16300 becomes swing support and below that could test 16200-16150.
Larger picture :
Weekly :
After having 6 weeks of one time frame down now we have got 3 weeks of overlap value. Buyers next if committed should get clean higher move above this overlap early in the week i.e, should move way higher above 16420 and then sustain the move to look further higher move. If no clear extension higher early in the week means this overlap could continue for another week or two in this 15750-16450 zone.
So,focus at start of week is defend 16200-16250 zone and move higher towards 16450 then create value higher on daily further to get 16590/16650 zone if sustains then 16800-16850 possible may be with some intra pullback from 16650 zone..As of now not expecting anything beyond 16850 to sustain and context for the same explained under monthly narration below.
If they fail to get a rally early in the week above 16450 and pulls back then could test 16300 and that should hold to bounce it back..If accepts then 16200-16150 test possible which is quite solid support zone which again should bounce it higher..If we start accepting below 16150 then Thursday buyers zone could be tested with a probe of 16060/15980/15920 and anything below 15920 calls for 15800-15750/15675.
Charts :
Daily
Weekly
Monthly :
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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