After 4th day of one time frame down NF closed at dPOC in last session. To get follow through higher buyers expected to rotate higher above POC..And, being DD down day, gap/drive needed to break that profile low. NF opened above POC but hardly stayed higher and gone for open drive down straight to clear PDL.
Failing to sustain above 18200 and back below 18160 probe was for 18100 then considered quite weak below 18080 for 18040/18015/17980-17965. NF via open drive moved till 17985 then gone for a bounce to negate the open drive with IBH swipe then all day remained in balance to close at dPOC.
Auction recap :
After long liquidation days, NF saw short covering profile today.Could make a pause for a session or two.Acceptance above this SC profile = bullish.
5th day of one time frame down on daily.18245-18265 band now becomes strong resistance zone.Staying below this could rotate sideways to downside..Any strength now only acceptance of this band.
5 weeks of one time frame up on weekly stopped.
3days of composite making nice balance now..Suggesting some good imbalance move possible towards expiry/weekly close.Today's low landed at important weekly/monthly support zone and produced decent buying tail which cleared IBH..This tail should ensure clearing 18265 next to see follow through higher else more liquidation may be after a pause.
For next session,Above 18185 could move to 18210/18240 further bullish above 18240 for 18280-18295 and quite bullish above 18310 for 18340/18370-18385 if sustains then 18420/18445/18495.
If fails to sustain above 18200 and back below 18160 could test 18120/18090-18075 and quite weak below 18070 for 18040/18015/17980-17965 if sustains then 17920/17880-17865 possible.
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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