Large buying tail which held auction all session on Monday..Considering the size of gap down but close above POC with flat data suggested advantage buyers.Expectation from buyers next was to accept above PDH to go for higher value day.NF had a open drive with good volume then remained as trend day to close at high.
It was classic 4IB trend up day not having even one period of pullback till close.
Volume and data was quite strong till close..It delivered outside day week too.
At close lot of volume imbalance happened which pulled dPOC higher at high which is significant nuance after such strong imbalance day.Thats sign of too long inventory possibly closing some business.Buyers next should look for further range extn higher without accepting much back in this days range..Failing to do so this skewed POC could push price down to repair imbalance zones left in today's auction till VWAP zone then tail zone.
Swing wise, suggested wide range to play for few session in 17250-17500-17650 and upside gone way higher and 17620 becomes swing support to extend toward 17900-17950 then could rotate down..Below 17620 back to 17500/17400 and 17400 goes in next two sessions means possible to get 17250/17150/17050-17020.
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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