NF had a FA low and NE up day with spike close on Thursday.. If buyers are commited then expected them to defend spike zone and move higher.. They had open auction around PDH and started moving above 18435 which was marked for probe of 18485 then above 18500 expected next leg to probe 18545/18575. NF gone for this move then closed at dPOC.
Triple distributution trend day.
3IB day.
Volume was good above average.
Buyers shown commitment all day and got dOC skew then closed around there..Advantage buyers and again they need to get gap/drive with such close..Failing to do so/sustain higher move could lead to fill back distributions left in last session.
18480-18520 good support for next session and incase of higher open then 18570 good support to defend.
Levels wise, move above 18605 could get 18645/18675-18685/18715..If sustains 18720 could probe 18755-18765. If fails to sustain above 18650 and moving below 18580 could probe 18550/18515/18480-18470 and further weak below that for 18430-18420/18390/18360.
Weekly :
NF printed outside profile last week. Staying above 18150 probe marked for 18365/18420 then rotation down expected back to 18220/18150 to remain in balance..NF had a drive in the week holding above 18150 to 18420 then retraced to 18200 which bounced it back for new high and closed at highs of the week now..
18400 and 18480 two support zones for the week. Friday 3IB move if gets follow through then 18675/18750-18780 probe possible and this zone is tough res to clear straight so could offer pullback towards 18580/18520-18490 which should bounce higher..Below 18480 test of 18420-18400 and again good support to bounce, goes means 18300 which is the zone for reversal on weekly time frame towards 18150-18100 to start with then more to follow.
Staying above 18780 could move to 18860/18940.
Charts :
Daily
Weekly
Monthly
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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