NF had FA at low in last session with minor spike up close.. Buyers expected to hold spike and seek move higher..They had a gap up today and gone for narrow range two way auction and closed as neutral center day. Most of the day played within Hypo A zone and Hypo B failed to get obj zone, got whipped in morning and later at close also missed obj marginally.
Pointers from today's auction :
NF had a gap up and held the gap, also left another failed auction at low by failing below IBL and gone for IBH at close. 3rd day of buyers dominance now..FA at 17025 then FA at 17269 last session and today again gap +FA at low..
It was neutral day again today.. 3rd day of neutral day.
NF printed outside week today..Monday gone below last week low and today cleared last week high.
All above info suggests buyers were keen to drive this higher and arresting the move down..They have today sustained above 8days composite balance high also and closed above it.Old excess at top got cleared now..So, now only thing left for them is to do that climax move upside for which they have been doing above said FAs+Neutral days auction last 3 sessions..Any failure to sustain higher and clearing FA of today could bring in some solid liquidation down move negating most of last 3days auction in quick sessions.
Swing wise 17440+ they have got now.. Next obj is 17580/17635/17750 holding 17420 swing wise..Once moves above 17580 negation moves to 17480 to look further higher. Swing short now below 17360 for 17265/ 17150/17025 with negation of 17500 or fails above 17580 and moves below 17450 means then probe is for 17360/17265/17150/17025 with negation of 17550.
Charts,data & Hypos :
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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