NF printed double distribution down trend day closing below dPOC in last session.Sellers had control at close.Expectation from sellers for next session was to hold extn handle zone 16110 zone for more liquidation. NF had a rejection in this zone and could not sustain at open then gone for open test drive down from here to clear Friday tail fully with liquidation..Later, had a large inventory pushing it back to IBH and above to print a neutral day and then closed at high.
Pointers from day's auction :
It was neutral extreme up day with buyers in control at close. As mentioned in commentary, auction incomplete at close.
We had a large inventory shift at 15925 zone today which held auction till close and as discussed their minimum objective is 16250 holding today's extension singles.
Buyers for next session should hold 16080 to push higher and once pushed higher never come back below 16080.. As price has moved far away from dPOC of the day, they have to stay higher to bring value up.Failing to sustain higher and accepting below 16080 calls for retest of 16020/15960.
This large volume inventory shift as said above capable to get 16250 if sustains then 16350/16450 possible in coming sessions.
Swing short suggested below 16050 met its first objective 16960-16920 zone and got negated at 16100. Now neutral view for 15950-16450 range..15950 solid support for swing now after today's auction..Any major weakness now only below this.
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 :
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