Buyers of expiry session established more control and printed FA and NE day in last session. Observation was that to look for sideways to upskew for few sessions to adjust that 140 pointer premium.18620 considered as pivot..NF had a open below this but could not sustain and straight away got drive higher.. Probe was marked for 18690/18740 above 18620 from buyers and 18690 printed by IB then 18740 got printed as day high then closed at dVAL.
NF had large buying tail today after NE day which delivered a outside day..Both info suggesting balance to emerge.
FA at 18580 saved by buyers with clean drive today..Becomes solid swing support now..
It was trend day in first session then turned out as short covering P profile..Another sign for balance formation.As discussed in commentary, looking for 18500-18800 range roughly to mark balance.
This large tail prefer a fill back till 18620-18600 before any large rally.
18710 ref for next session..Buyers need to stay above it to get 18740-18765/18800+..Failing to do so could drop to 18660 and further weak below it to test 18620-18600 zone which could bounce higher.
Swing wise mentioned value creation above 18550 to look for 18740 and NF has probed it now..Swing support at 18580 now and could look for balance to higher move holding that in coming sessions.
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 :
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