NF had a triple distribution trend day with buying tail around major support zone in last session. Buyers expected to clear extn singles and handle of trend day and failing to do so and accepting buying tail expected next round of liquidation. At open session they whipped all hypos today and later accepted below 17150 tail zone for a clean move towards 17040 then bounced sharp to give two way balance profile and then closed above dPOC.
Pointers from the day :
NF cleared PDL on 4th day of one time frame down but again got clean buying tail at quite major weekly/monthly support marked at 17050. Now, 17050-17090 becomes good swing support for buyers.
It was wild two way balance profile and likely to deliver imbalance session next.
As mentioned in closing commentary, buyers got edge at close..They need to defend 17240 at open session to get PDH scale and then have to sustain higher..Failing to do so or failing to stay above PDH and back into value area could do value area probe fully.
Swing wise,holding 17050-17090 looking for move towards 17380/17550-17600 now.
Please refer plan below for trades tomorrow.
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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