NF got some mechanical supports in last session.If buyers are committed then expected them to accept above 17200 else overlap auction was expectation for the day. NF gone for accepting above 17200 in IB period then could not stay higher and gone down for probing VAL.Failing to sustain below 17060 and back above 17120 probe was for 17190 then above 17200 expected 17250/17290. NF did this entire move via IB imbalance up then left tail at top and started accepting in yday range to get VAL probe.Then remained as overlap profile and closed at lower end.
Auction recap :
NF had a failed auction at top with selling tail.
It was neutral extreme down day.Move above IBH failed then IBL swipe happened.
It has left mechanical low at 17000 zone testing yday tail zone and held that big round number low at close.
All above info sellers advantage. Sellers of today's FA and neutral day should seek for accepting below 17000 in next session holding below 17080-17100 band to get clean follow through downside else sellers could get a short squeeze.
Today's volume is highest than Friday volume i.e, last 3 days of volatile move possible signs to coming to end with this higher volume day.We could look for directional move from here onwards in a session or two.
16950-17250 zone expected a probe for few more sessions and today we shot upside above 17250 but could not hold..Same ref again upside 17250..Another acceptance there after such high volume day means buyers could get advantage.That would confirm that retest of large tail zone of yday done today and buyers taking control post neutral day.
For next session, failing to scale/sustain above 17090 and back below 17010 could get 16965-16950, quite weak below 16935 for 16890-16875/16845/16780/16745-16730. If fails to sustain above 17165 and moves below 17080 then could test 17040/17010-16995/16965-16950.
If fails to sustain below 16960 and back above 17030 could get 17070/17110, bullish above 17110 for 17145-17165 and quite bullish above 17165 for 17190-17205/17235-17245 if sustains then 17300-17320/17360/17400-17420/17480 probe 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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