NF printed normal day in last session and imbalance was expectation for next session and expected it to happen two way..NF gone for only a minor open auction chop then had a one way imbalance via trend day to close at high.. Buyers expected to clear 15920 to move higher which they did via tail then kept the move higher all day.
Auction recap :
It was classic trend day move established by buyers leaving out of 3days of balance..Buyers in clean control at close and auction looks incomplete at top.
Major context for few sessions was to have large balance containing below 16150 as we had nice balanced range above 16150 so any acceptance above 16150 means probe in that balance zone. NF today negated this view of holding below 16150 for balance and accepted above 16150 via trend day.
As mentioned in weekly report as well as in commentary today, acceptance above 16150-16170 band opens up swing obj for 16270/16350 to start with, in which first one done today..Now, holding extn singles of the day, NF could go for next obj then decide if wants to do balance or move to next probe zone 16420-16450.Negation now at 16050.
None other than trend days could leave clean ref zones to track further sessions as what could be expected..Now all buyers want to do from here is to save today's POC/VWAP zone or worst case defend extn singles zone and look higher..Failing to do so and going below 16050 negates today's trend day auction and could go for balance or reversal.
Swing wise mentioned that 15730-15750 zone not clean secured low as we got stacked lows..As long as that holds, wherever NF goes higher, odds for coming down to break those stacked lows are still there.One thing that can negate this view is some solid one time frame up move on daily. Till that is not happening, would be considering current range extn higher as only large balance range expanding..Another session or two, we may get more clarirty.
Charts & 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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