Buyers got more control in last session with another large buying tail and higher value day closing with spike up.Spike rules were on focus today to look for buyers to defend for more follow through higher. NF opened in spike zone, defended spike zone low, accepted with higher value then got move higher later in the day.
Marked support for the day as 17785-17810 support zone..Failing to accept below this and move above 17830 expected to get 17860/17885.NF marked low at 17786 then made high at 17885 during IB.. Then remained in balance and later got clean extension and gone for another balance. higher Above 17900 probe was for 17940-17960/17985/18020. NF marked high at 17985 and closed at upper quad.
Pointers from the day :
4th day of one time frame up i.e, not breaking PDL but extending above PDH. Buyers driving still.
Higher value + another good volume session than average.Left poor high at top and yet to complete auction.
Double distribution auction.Sign that its now getting into emotional mode. Double distribution auction after few days of trending move means whoever initiated the move is getting into cruise mode to finish their probe quick..Mostly after such profile we tend to get end of imbalance on daily time frame, so could be nearing end of this imbalance move started from 17300 in a session or two.
Above 17540 swing probe was marked for 17700/17800 which was done yday and mentioned yday that back to back good volume days suggesting 17950/18100 next. 17950 done today and negation now could be moved to 17850 for this from 17650. Swing support now 17850-17820. Reversal or balance once this band goes.
For next session 17920-17945 support zone..Failing to accept below this and move above 17975 could get 18010-18025 if sustains then 18055-18065 probe possible and above 18080 could get 18115 if sustains then 18140/18170-18190 possible. If fails to sustain below 17890 and back above 17940 then could get 17975-17990/18025/18055-18065.
If fails to stay above 18050 and accepts below 17960 then 17920/17890-17880 possible and weak below 17880 for 17855/17820-17790 and quite weak below 17775 for 17750/17720.
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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