BNF's activity today illustrated a classic short covering day with notable characteristics:
1. Opening and Initial Movement:
BNF opened slightly lower than yesterday's close.
It dipped down to find support at the previous day's Point of Control (PD POC) around 47750 levels, then bounced back.
During the B period, BNF tested the lows again but left an AB poor low before racing upwards, indicating strong support and short covering.
2. Intraday Rotation:
For the majority of the day, BNF rotated between 48190 and 48000 levels.
A P-shaped profile developed, typically indicative of short covering.
A PPOC formed at 48100 levels, with the value area, VPOC, and TPOC migrating higher.
3. Key Visual References:
A prominent ledge formed at 48020 (S) levels.
There are notable poor highs at 48190 and poor lows at 47760, indicating the presence of short-term traders and potential areas for future price action.
Prognosis for Tuesday:
Key Support and Resistance Levels:
48000:
This is a critical zone, having acted as strong support today with multiple attempts to breach it being thwarted by buyers.
Above 48000:
Sustaining above 48000 is crucial for an upward move.Clearing 48200 opens the pathway to targets at 48350 and 48500 levels.
Below 48000:
Opening and sustaining below 48000 increases the possibility of retesting weak references at 47760 (AB poor low).
Further downward movement could see a test of 47340 (another AB poor low).
Conclusion:
BNF's movement today, characterized by strong support at key levels and short covering, suggests that 48000 is a pivotal level.
How the price interacts with this level will be key for determining the direction in the coming sessions.
Sustaining above 48000 could lead to an upward move towards higher targets, while falling below could lead to testing lower support levels.
1. Opening and Initial Movement:
BNF opened slightly lower than yesterday's close.
It dipped down to find support at the previous day's Point of Control (PD POC) around 47750 levels, then bounced back.
During the B period, BNF tested the lows again but left an AB poor low before racing upwards, indicating strong support and short covering.
2. Intraday Rotation:
For the majority of the day, BNF rotated between 48190 and 48000 levels.
A P-shaped profile developed, typically indicative of short covering.
A PPOC formed at 48100 levels, with the value area, VPOC, and TPOC migrating higher.
3. Key Visual References:
A prominent ledge formed at 48020 (S) levels.
There are notable poor highs at 48190 and poor lows at 47760, indicating the presence of short-term traders and potential areas for future price action.
Prognosis for Tuesday:
Key Support and Resistance Levels:
48000:
This is a critical zone, having acted as strong support today with multiple attempts to breach it being thwarted by buyers.
Above 48000:
Sustaining above 48000 is crucial for an upward move.Clearing 48200 opens the pathway to targets at 48350 and 48500 levels.
Below 48000:
Opening and sustaining below 48000 increases the possibility of retesting weak references at 47760 (AB poor low).
Further downward movement could see a test of 47340 (another AB poor low).
Conclusion:
BNF's movement today, characterized by strong support at key levels and short covering, suggests that 48000 is a pivotal level.
How the price interacts with this level will be key for determining the direction in the coming sessions.
Sustaining above 48000 could lead to an upward move towards higher targets, while falling below could lead to testing lower support levels.
As per me Bn was range bound because ..
1. Three expiries
2. Thursday two up and down moves done so Friday job done on thursday.
3. Overnight three nights risk so operators not interested to carry heavy positions..
1. Three expiries
2. Thursday two up and down moves done so Friday job done on thursday.
3. Overnight three nights risk so operators not interested to carry heavy positions..
image_2024-05-17_18-36-39.png
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Can this be Look above and fail for Crude?
Observing for price action at 19:00 (IST)
No position till 19:00
Observing for price action at 19:00 (IST)
No position till 19:00
ES 17May.jpg
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ES: 17th May
Overnight inventory is 90%+ long.So as per Dalton, ~70% chances of inventory correction.
Poor high on top suggests competitive selling. 5320 (POC) is the key.
Any close below this can clear PD close and ON poor low
Overnight inventory is 90%+ long.So as per Dalton, ~70% chances of inventory correction.
Poor high on top suggests competitive selling. 5320 (POC) is the key.
Any close below this can clear PD close and ON poor low
FTU CHART
image_2024-05-17_18-36-39.png
Crude - Look above and fail UD1.jpg
1.2 MB
Good fall before the open.
Post that Range bound so far!
Post that Range bound so far!
FTU CHART
ES 17May.jpg
ES 17May UD1.jpg
901.7 KB
Very tight market. Struggling to push below previous day low
Forwarded from FTU PRIVATE
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Do you want to hear from JJ again? This time, we'll focus on trading the US markets. Topics can be trading the US markets (DOW. S&P, Crude, Gold etc) with minimal investment, optimal trading times, and more. Let us know if you're interested!
Forwarded from FTU PRIVATE