NF had a clean Long liquidation b profile in last session.Buyers expected to hold above 17840 early in session for bullish outcome.They started with open auction slow day then gone for clean extension higher. Sustaining 17850 was for 17880/17920 and they moved with good extn till 17970.
Double distribution trend day up which pulled dPOC up at close to upper distribution and closed there.Advantage buyers.
As discussed in commentary, one of poor structure this DD profile printed today. Wider upper disbn and thinner lower disbn and both disbn got anomalies. Odds of failure is there.To avoid this, buyers better get a gap or drive so that this poor structure could wait and they could complete auction higher first then could come back later for repair.
We have closed at upper quad of all composite balance in all time frame.So, its quite important for buyers to hold today's extn handle and look for move higher and once done never move below POC of today else liquidation possible.
Mentioned about lack of momentum in broader market in last report.Today also the same case.NF got dd trend day but MO moved further away from -17 to -26 due to more declines than advance.Another concern for buyers. Only a initiative move could help them to sustain higher by bringing in this missing broader market participation.
Levels wise, not accepting below 17900 and move above 17945 could get 17990-18010 and sustaining further is for 18050/18100/18140-18150. Failing to stay above 17970 and move below 17940 is for 17910/17885-17875 and weak below that for 17850/17815-17805/17780/17750-17725..
Swing wise 17750 to 17950 chop considered. They ran to upper end now. 17880-17900 band swing support now to look higher above 17970 to get 18040/18100+.. Failing to do this could move back to 17840/17780-17750.
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 :
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