After a clean value area with large buying tail and dVAH close, observation was that upside probe was not yet completed yesterday.. Holding 11850 probe was for 11920/11950. NF held 11850 at open and cleared PDH via open rejection reverse to print 11917..Then, could not sustain above PDH and started accepting in clean value area of previous session.Below 11850,considered weak for 11820-11810 and this happened quick and then gone for balance with 11810 low. Considered quite weak below 11800 for 11740 and NF gone DD down trend day below 11810 to probe much lower below 11740 till 11675.
Summary of today's auction below.
NF printed outside day i.e, failing above PDH and gone for PDL probe and closed at lower quad.Outside day nuance is to look for follow through holding the day extreme and look for fill back if starts accepting inside range with value.
NF had a double distribution down trend day and important nuance is it has spent enough time and volume in lower distribution which brought down the dPOC by close and price closed below dPOC..As mentioned in commentary as well as in previous occasions, when second disbn brings in dpoc then till extn singles holds, bias is to look for follow through with dPOC shift direction.
NF negated prev demand zone 11740 and cleared previous week low and turned into sell mode in all time frame.
NF had printed higher than average volume,around 130% than average on the day of breaking dVAL of monthly P in making..As mentioned in weekend report, sustaining in tail zone of P with volume is for more weakness.
NF had a nice balanced lower value week and closed at dVAL of the week is another sign of weakness.
Pricewise, staying below 11730 POC zone probe is for prev swing low zone 11665-11650 and weak below 11650 for 11610-11590..Could look for balance if this zone holds..Quite weak below 11580 for 11550/11510/11450.
If fails to sustain below 11675 and accepts above 11730 could test 11760-11780 and bullish above 11780 for 11810/11850/11900.
Charts and data :
Detailed plan with refs to carry forward, trade hypos and nuances from the day are available to members.
Notes :
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