NF cleared excess failed auction at top in previous sesssion and left poor high.NF opened with gap and open drive today above this poor high and gone for trend day. Above 16810 probe was for 16845-16865/16890 which NF did via IB imbalance and then gone for extended balance.later towards close got good extension till 16960 and closed at high.
Pointers from the day :
Buyers shown conviction today right at open with clean gap and open drive then ended up with trend day closing at high.This gap zone 16730-16745 is now swing support going forward.
NF left POC down in this trend day auction and also left anomalies with poor value area. To avoid mean reversion move, NF should get drive/gap again and go for higher value session.Failing to do so and accepting back into today value area could get part of today’s profile repaired.
NF on weekly structure had overlap week and to avoid rotation back in these two overlap week range, buyers expected to go for early follow through in the week. This has happened with likely fresh inventory today with clean gap and met weekly obj marked 16950 already. Need good volume open again tomorrow to look for one more rally day. Else, could see some balanced auction. Swing wise staying above 16950 next opens up 17100/17250 and negation at 16750 now.
Levels wise, for next session failing to stay below 16910 and back above 16945 could get 16970/16995-17010 if sustains 17040-17060 probe possible.
If fails to sustain above 16960 and back below 16910 could get 16880/16840/16810/16780. If fails to sustain above 17000 and back below 16950 could get 16910/16880/16840.
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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