NF had a trend down day with good intent in last session. 17420 and below probe expected next staying below 17570 which came via gap down..Gap could not sustain and gone for open test drive up for large IB then entire session spent between IB range via two way auction which ended up with spike up close at high.
NF left a weak low around previous week low. Not a clean swing low. Left a buying tail at low which is swing support now.
Buyers did a good job all session starting with arresting gap at open then leaving tail at low and later closed with spike higher. Their job next is to defend 17550-17575 for next session and accept above today's late minor spike to test gap zone at 17710 and once done never enter back into today's range..
Quite a two way auction with higher volume day today left poor value area. Buyers failing to do above said job coud lead to repairing this profile.
Swing wise one bounce expected from 17365 zone and it has happened today..Today's volume + auction + data suggesting this is inventory adjustment move higher and we could look for move down back to 17450/17350 sooner. If sustains 17550 from here then upside could stretch till 17710-17740 zone then could get rejection there to rotate down again towards 17550/17450/17350.. Acceptance above 17740 could move towards 17840-17860 zone which is quite heavy resistance now..Solid reversal above this band back to 17940/18100.
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 :
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