NF made new ATH but left poor high at top in last session.It was two way balanced session and expected imbalance next session. NF got a gap up clearing poor high at 17935 and made secured high by moving down post gap up. Failing to sustain 17890 expected long liquidation to test 17825 as it was balanced profile in last session. NF gone for that early in the session.
Considered weak below 17825 for 17800-17785 which got whipped and bounced off from 17805 to deliver another balanced session and dPOC close.
Pointers from the day :
It was outside day. Sustaining range = momentum ; failing to sustain range = another overlap session.
NF got secured high with tail at top and left a buying tail at low. This tail at low should hold early in session and look for test of this 17900-17920 band.Failing to do so and giving up tail could lead to more long liquidation in next session entering into 23rd trend day profile. Its second day they failed to sustain in that profile below POC and got buying tail now.So, next time if this tail goes means probe in that profile could take place.
Its overlap session today. Failing to sustain 17900 or 17800 could result in another wild chop overlap sesssion.
17860-17870 resistance next session. Acceptance could get 17895-17910 and bullish above 17920 for 17945-17965 if sustains then 17990/18020-18035 possible.
Failing to sustain above 17870 or 17910 could fall back to 17825 and weak below 17825 for 17790-17775 if sustains17770 then 17740/17710-17690 probe possible.
Faiing to sustain below 17790 and back above 17840 could get 17865/17890-17910/17940.
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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