Last session delivered clean two day balance with 3-1-3 profile and expected another session of overlap balance considering data. Failing to sustain tail was expected to move back to other end of value area. i.e failing to sustain above 17780 early in session, probe was marked for 17690-680/17630. NF did this in IB with a low 17636 then gone for all day overlap session in last session value area then closed at dVAH.
Almost a inside day and buyers advantage at close with poor spike. They closed at dVAH as well as 3days high volume composite dVAH..They need to get drive/gap higher else move back to 17740-17720/17680 again possible before event start.
Last session profile was asking for repair in 17680-17690 zone and its done today. And, buyers showing interest to save 17650 zone last two days and they closed at dVAH..Hence, 17600-17650 band defense buyers have to do all session tomorrow else liquidation below this band.
Levels wise, 17740 pivot at start of session to defend and move to 17850 if sustains 17910/17950 possible..More bullish above that for 18040/18100/18150 then further rally from there for 18240/18300-18350.
Failing to sustain above 17850 could drop to 17740/17700-17680/17640/17600 if sustains then 17540/17490//17450/17420-17400/17350-325/17230-17200/17100-17050 possible.
Swing resistance same 17950 and any whip means max 18050. Thats zone now for reversal upside..As long as we stay below these zones expecting balance then downside move towards 17450/17325/17200/17050. Reversal if sustains 18050 could go for 18150/18300-18350/18500/18600-18650 possibily one way considering last three days volume.Negation for this view is 17850 to start with once accepted above 18050.No long bias for swing till we accept 18050.
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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