NF had a neutral day in last session and left FA at top and buying tail at low. Observation was that this FA at top was solid one and buyers could face pressure as long as that FA holds..For bullishness,buyers of clean tail at low expected to scale 17115 to fill 17150-17200 solid res zone to seek any rally higher for 17290-17320/17365.
NF had a open well above PDH+FA but could not sustain 17150 res zone and gone for accepting in yday range..But failed to accept below VAH zone and then got a squeeze first then rally next to fill 17150-17200 then got further extension to test 17320.
NF negated FA at top of yday and left FA at low today then got clean double distribution 3IB day.. Buyers ruled all day.
It was another neutraly day.
As we discussed many times,double distribution profile with large extension singles inside large balance is a sign of emotioanl run meant for very short term move..Buyers now after such auction need to hold extn singles of the session > overlap in upper disbn > extend further higher or else simply get drive/gap up to seek further higher. Failing to do so and clearing VWAP of this neutral day could go for filling entire extension of the day and test lower distrbution/POC zone then could do balance or reversal down.
Price has moved 45 degree away from dPOC..Due to DD day with 3IB move could not bring dPOC up..so, they need to grind higher to pull POC up or move back to POC possible.
17150 solid support now after today’s auction for swing..Holding this and clearing 17320 could lead to 17390/17480/17600+ quick. Failing to susatin 17320 could do balance till 17180-17150/17120-17090.Solid reversal below 17080 for 16935/16810 with negation at 17200.
Charts & 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.
Comments