NF had double distribution down day on Thursday with dPOC shift down with skew was still with sellers after back to back FA at top.Observation was that downside probe not yet completed.Considered weak below 15070 for 15020/14990 and NF opened around 15070 and gone for probe below 15020 quick at open.Failing to sustain below 15000 and acceptace of 15065 was expected to test till 15135 and considered bullish further above 15160.
After 15020 probe, NF gone for this probe higher till 15135 and failed to sustain further.. Swing wise sustaining 15070 was expected to get 14935/14880 and NF tried to save 15070 in first session after failing above IBH but could not sustain and gone for another liquidation move to complete swing obj till 14900 and then bounced to close at dVAL..
Considering two distinct balance, expected two way auction to take place and NF followed the same with clean down move at open then good bounce and finally moved down to 14900.
Auction pointers from the day :
One time frame down continues for 3rd day.
Another neutral day printed with failure above IBH clearing IBL later in the day.
Volume on higher side again and evidence of supply lacking at close yesterday first time with that bounce of 100+ points to close at dVAL..14980 and 15065 band to confirm in next session if this bounce was for weekend inventory adjustment or lack of supply and buyers using the dip..Holding 14980 if we accept 15065 then could look for some relief rally..Failing to sustain 15065 and break of 14980 could continue the liquidation further..
Weekly has printed outside bar..Immediate reaction is to look for balance in the current week range failing to create value below 14980..If sustains 14980 then could look for another skew down week as a follow through from outside week printed now.
Price wise, sustaining above 15045 confirms VWAP of neutral day giving up hence could move towards 15065/15110/15135-15150 upper balance of previous session.
Above 15160 further bullish for 15190-15210/15240 FA zone at top if sustains 15310/15330 possible.
Failing to sustain above 15065 POC zone could fall back to 15025-15010/14980 and quite weak below 14980 for 14940/14910/14880 if sustains then 14835/14810/14760 probe possible.
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