NF had a higher value day with close at dVAH and left a poor value area yesterday. Observation was that upside auction yet to be completed and 13380 was ref for weakness to repair value area. NF held 13380 at open and gone higher via open rej reverse to carry on with incomplete auction upside. Above 13395 probe was for 13450/13480 and NF probed till 13465..It could not sustain IBH and had a one time frame down which cleared 13380..Below 13380 probe was for 13350/13320 and NF could not move below 13350 and bounced back. It remained as balanced profile till close with neutral auction and closed at dPOC.
Pointers from the auction :
NF registered 7th day of one time frame up.
NF had a neutral auction and left secured ends both side and closed at dPOC..Poised for a move away from this profile.
It had a 3-1-3 profile. Nice balance with tails at ends. Holding value extreme/tail is for mean reversion to other end ; accepting tail = trend.
NF yet to repair the poor value area left in yday profile and attempt today could not do the job. As mentioned in yday report, without repairing yday profile, sustained rally higher above 13480 got lesser odds..View negates above 13510.
After leaving poor value area yday, we have got neutral auction today suggesting, after 7days of one time frame up, old auction is coming to an end here..Fresh auction to start from here.
For next session, 13400-13420 support and holding this could get a move towards 13445-13455 and quite bullish above 13465 for 13490-13510 is sustains then 13540/13600 possible.
Move below 13400 could get 13360-13340 and weak below 13340 for 13310-13290 if sustains then 13260 possible.
Charts and data :
Detailed plan with refs to carry forward, trade hypos and nuances from the day re available to members.
Notes :
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