NF left poor structure down last 3 sessions hence observation was that buyers if fail to accept above last session selling tail then overlap in last session profile, to repair poor value area possible. NF had a gap up but could not sustain above tail zone and started moving down all session with slow skew and almost probed last session VAL zone then bounced for dPOC close.
Another session of selling tail and liquidation for most session. At close, buyers got dPOC skew higher and closed there..They need to get early drive/gap to sustain higher..Failing to do so and accepting below POC calls for another overlap session.
3rd day of one time frame up.
Same view as mentioned in last report..We need repair in structure till 17600-17550 zone now (adjusted figure post rollover) and till then upside could lag momentum..To remove this bias, buyers need to start a initiative move with good volume and higher value day then get more days of one time frame up..That could confirm this repair back to 17600 could wait.
For next session, buyers should defend 17800 and accept above 17840 to probe 17880/17920/17960. Failing to stay above 17850 and acceptance below 17800 means could go for 17740-17720 and below that more liquidation possible towards 17650/17600.
Swing view is no weakness as of now staying above 17450.Looking for balance roughly in 17600-17900 zone.To negate this view, need a solid move above 17900..Will wait for a day to see if buyers get such move for 18100/18300.
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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