On settlement day NF left lot of auction nuances confirming balance to emerge.It had a spike and NE close and failing to sustain spike zone from buyers of FA, expected overlap to skew down auction. NF failed to sustain spike in open auction then gone for solid liquidation move to clear FA at low from prev session as well as cleared 3days low then closed at low.
It was double distribution down trend day auction with 5IB move..Solid liquidation from buyers.
FA at 17860 with weak swing low cleared and also closed gap at 17750 from 16/08.No response from buyers.
DD profile now and acceptance below such profile could lead to next round of liquidation..Failing to sustain PDL and acceptance in profile could push for overlap session to travel back in large extension singles zone.
Mentioned in last report that bias for new auction is balance with range of 18100-17650. Same view now..Rest ref updated in weekly section below.
Larger picture :
Weekly :
Weekly probe was marked for 18000 if we get follow through post DD on weekly and its done this week..Was not expecting anything beyond 18100 and rotaion down expected and week has ended with such rotation now..8th week of one time frame up now..17870 pivot for next week.Staying below this could test 17650/17580-17550 zone which is solid support and then could bounce higher to test pivot zone..Above 17870 could move back to 17950-17990 then could rotate down again..Above 18010 move to 18070-18100 if sustains then 18250-18300 possible..
Quite weak below 17550 for 17450-17420 and that goes means 17280-17250 which is again solid support to break hence could push higher.
Monthly :
August monthly profile 17900-18000 zone expected to rotate down to form upper disbn and it has started now.. 17550 should hold to form this upper disbn..That goes means 17450/17250/17050 in a swift way could be probed as it wont be DD profile but b profile then on monthly.
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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