NF has printed outside day with 5IB down move with spike down close on Thursday. Expectation was to have two way move to fill spike zone. NF gone for this two way quick moves till D period filling spike zone.. Staying below 14610 was for 14550/14510 and above 14620 expected 14650/14680.
NF probed 14520 staying below 14610 in IB and tried to clear 14620 on bounce but failed there which became FA at top later in the day. 14420 was the probe for downside staying below 14610 which happened later in the day breaking IBL and moved till 14355 below last week low and closed around dVAL.
Auction clues from the session :
Outside day from 21st resolved on downside with lower value day with close at dVAL on Friday..POC was down by close hence skew with sellers going home..They need to stay below 14430-14450 band at open to get a further follow through down now.
NF printed FA at top and gone for neutral extreme down day..We had FA at top on 21st too at 14765 and now another FA at 14625.Back to back FA with volume on both sessions well above average and closing as neutral extreme down day below prev day spike low with POC down by close = sellers advantage.Its their job to get futher follow through without any balance..Failing to do so and accepting above 14520 could lead to wide range of two way balance in coming week.
Swing obj was for 14375/14275 after 21st Auction and NF probed 14375 as of now and staying below 14500 could move below 14250 quick next.
NF has formed Ledge around14480-14490 last session and 14490 got huge volume imbalance too.Ledge on a imbalance profile suggests commitment and concentrated bets from players in control for the session.Hence 14500 becomes good swing ref to have bearish view to sustain and look for futher follow through. Accepting this 14480-14500 band negates bearish view.
14660-14375 was previous balance and first we looked below 14375 > failed > then met balance high 14660 > looked above 14660 and now got FA at top 14765 and came back to lower end of balance 14375..Auction in next session if accepts below 14375 then odds are higher swing wise for a move below swing low 14250 towards 14130-14080 zone minimum.Failing to sustain below 14375 and back above 14500 could spend few sessions in large balance.
Price wise for next session, above 14450 could look for test of 14480-14510 if accepts then quite bullish for 14570-14610/14640/14680.
Failing to sustain above 14430 could fall back to 14380 and weak below for 14350/14320/14295 and quite weak below 14275 for 14240/14210/14160/14110-14080.
Failing to sustain below 14380 and above 14520 could lead to a two way balance between these zones.
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