Observation from last session was that buyers had intent and auction was incomplete at top..So, defending value area of that session and accepting higher further above P was considered bullish for the probe of 16380-16420 zone. NF had a open auction and in the process left tail and started moving higher defending value area of last session and probed 16398 in first session..Then, could not sustain higher and gone for IBL break to tag POC with minor spike close..
Auction pointers from the day :
It was neutral extreme down day with spike close with value higher..
As mentioned in commentary, this neutral auction today was mostly liquidation move from old buyers taking some profit off the table + intra weak buyers stopped out and not much of committed supply seen. If supply of today's auction is committed then next they have to defend 16250-270 zone and go for accepting below today spike low then should start accepting in Friday tail zone below 16100..And, if they go for such acceptance in tail then should never move higher above 16200 to keep the session down with more liquidation..
NF moved 45 degree away from wide dPOC..If sellers not able to pull out above said scenarios then then price could move back to POC of the day.
Larger context observation with such 15740 solid poor low was that buyers should get one time frame up on daily..Today they have got 2nd day of one time frame up..With no supply seen on tape and buyers of Friday tail holds then could look for overlap to higher value session next again. Am still biased for this view with same negation mentioned in last report 16050. Once that goes then that one time frame up view negates and we are back to good old grinder sessions.
Swing long above 16100 met 16250 in last session and tagged second obj 16350 today and negation was kept at 16050 after tagging 16250.. Same negation 16050 for the remaining obj 16450.
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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